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Unless you're an accountant or a salesman, you may not have noticed the IRS just upped the mileage deduction rate for privately owned vehicles to 58.5 cents per mile. Sounds like the perfect time to find out how far we could turn our daily driver into a government tax rebate on wheels. We've decided to use my daily driver as an example to see if we could, hypothetically of course, deduct as much as we're actually spending to drive it. Without further ado, here's our quick guide to deducting the cost of your car. First of all, the IRS lets you determine the amount of your deductible car expense using one of two methods: the standard mileage rate method or the actual expense method. To use the standard mileage rate there's a variety of tests you need to meet, but they're all pretty straightforward — you must own or lease the car; the car must not be used for hire, for example as a taxi; you must not operate five or more cars at the same time, as in a fleet operation;...
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