If you travel as part of the operation of your business, you can write off the business use of your vehicle. Found offers two ways to deduct this usage, adjustable in your Tax Profile:
Using vehicle expenses. If you’re using Found to track vehicle expenses like gas and maintenance, but your vehicle is only partially used for business purposes, this option allows you to set the percentage of time this vehicle is used for your business. We’ll take the sum of your vehicle expenses and multiply that number by this percentage to calculate your business use amount.
Using the mileage rate. Alternatively, if you’re tracking specific mileage for business trips, you can enter your estimated annual business mileage here. We calculate your mileage deduction at a rate of $0.655 per mile.
Found does not track mileage automatically, so be sure to track this separately and keep your estimated mileage up-to-date based on your actual business use.
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The information on this website is not intended to provide, and should not be relied on, for tax advice.
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