In this episode of the Tax and Accounting Ride Along Podcast, we’re breaking down one of the most commonly used—and often misunderstood—tax deductions available to self-employed individuals and small business owners: vehicle expense deductions.

If you use your vehicle for business purposes, you may be eligible to deduct a portion of your vehicle costs from your taxable income. But determining which deduction method to use isn’t always straightforward. The IRS allows two primary options for claiming vehicle expenses: the standard mileage deduction and the actual expense deduction. Understanding how these methods work—and which one benefits you the most—can make a meaningful difference in your overall tax liability.

We start by exploring the standard mileage deduction, which is the simplified method many business owners use to calculate ...