If you use a vehicle for certain driving purposes, you can deduct your costs based on your actual expenses or rely on an IRS-set mileage rate. The IRS has announced the standard mileage rates that can be used for certain types of deductible-driving (Notice 2021-02). These rates apply for the use of a car, van, pickup, or panel truck:
If you use the standard mileage rate to figure your deduction for business use of a vehicle you own, you must reduce the basis of the vehicle by a cents-per-mile rate. For 2021, the rate is 26 cents per mile (down one cent from the 2020 rate).
Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.