Rideshare/delivery drivers compare 67¢/mi standard vs actual (gas+depreciation+insurance) — pick larger each year.
IRS standard mileage rate is 67¢/mi (2024). Actual expense method deducts all operating costs (gas, insurance, maintenance, depreciation, lease, registration) × business-use %. Standard usually wins for fuel-efficient/low-cost vehicles at high mileage; actual wins for luxury/high-depreciation vehicles at moderate mileage. CRITICAL: to use standard method, must elect IT in year 1 the vehicle is placed in service. You can switch from standard to actual later, but never actual to standard on the same vehicle. Model both before first year.
Click Generate advisory deep dive for mechanics, IRC citations, a step-by-step execution plan, a worked numeric example on your profile, costs, risks, and this-week actions.
Full-time gig drivers set up Solo 401(k) — defer $23K + 25% profit-share, potentially $50K+/yr into retirement tax-deferred.
1099/Schedule C gig income qualifies for 20% Qualified Business Income deduction below the SSTB phase-out.
New gig workers with early-year losses defend deductibility by satisfying §183 profit-motive factors — 9-factor test.
Freelancer with S-corp deducts home office via accountable plan + rents home to S-corp 14 days/yr for meetings — double dip.