Taxes From A To Z (2018): M Is For Mileage

Shutterstock It’s my annual “Taxes from A to Z” series! If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss, you won’t want to miss a single letter. M is for Mileage. Under current law, taxpayers have the option of deducting their actual expenses for business, medical, moving and charitable mileage or using the optional standard mileage rates. The optional standard mileage rates are used to calculate the amount of a deductible mileage-related expense (miles driven times the applicable rate). To use the rates, simply multiply the standard mileage rates by the number of miles traveled. If you use your car for business and personal use, you’ll want to keep appropriate records and back out the cost of personal travel. For 2017 (the tax year for which you’re currently filing your return), the optional standard mileage rates as reported by the Internal Revenue Service (IRS) for the use of a car,…

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