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State of New Jersey Forms Vehicle Use Mileage Log

State of New Jersey Forms Vehicle Use Mileage Log

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[Music] hi i'm the tax geek and here are more of your taxes oversimplified this is the first in a series of videos on vehicle expenses and in this video we're going to focus on using the standard mileage rate for determining deductible vehicle expenses people routinely use their personal vehicles in ways that allow them to deduct their vehicle expenses from their taxable income you may use your personal vehicle in conjunction with a business or a rental property or for personal medical or charitable purposes the explosion of the gig economy in recent years has led to many more people using their personal vehicles for business purposes and this has generated quite a bit of confusion over what expenses are deductible and which ones aren't how to calculate the deduction and where the deduction is reported on the tax return although you can deduct the actual expenses of operating the vehicle using a standard mileage rate simplifies the calculation of the deduction and requires far less rec

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