If you use your personal car for your own business, you can take a mileage deduction to save on your taxes. But what if you drive your own car for your W2 job? Your employer can reimburse you and that often comes through a car allowance or a mileage reimbursement.
The mileage deduction is a great way to save on your tax bill. But there are some misconceptions about this valuable deduction. Let’s go over some facts and myths about the mileage deduction.
Myth: You Need An Odometer Reading for Every Trip