If you take the IRS mileage rate of 51 cents per mile for Jan – June and 55.5 cents per mile for July – December, you may be losing some deductions. Especially if this is on a new car, you need to run a calculation to determine if the actual expenses will give you a larger deduction vs the mileage rate. Take your expenses, add depreciation, then take the percentage of business use as a percentage and multiply. Take the higher of the two. One thing to remember if you take accelerated depreciation you are not allowed to take the mileage rate anymore, so if the deductions are close, you may want to take the mileage to allow you to take the mileage rate in the future.
If you have questions, you can email me at bstonercpa@sbcglobal.net