In order to make money in the restaurant business, prime costs should generally be in the 60 percent to 65 percent range. How that breaks down between food and labor is less important than achieving a prime cost maximum that produces a satisfactory profit.
The standard mileage rate is by far the easiest to use. With the standard mileage rate, you take the deduction of a specified number of cents for every business mile you drive. The IRS sets the standard mileage rate each year. The 2017 Mileage Rate is 53.5 cents per mile. To figure out your mileage deduction, simply multiply your business miles by the standard mileage rate for the specific year. Example: Ed, a salesperson, drove his car 20,000 miles for business during 2017.
Standard Mileage Rate. Claiming the standard mileage rate is the simpler of the two options. For 2014, the rate is 56 cents per mile. With the mileage rate, you won't be able to claim any actual car expenses for the year. Neither lease payments, fuel, insurance nor vehicle registration fees can be claimed if the standard mileage rate is taken. Also, if you use your vehicle for both business and personal use, you can deduct only the business miles.