According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: These rates apply to […]
Tag: Business Mileage
Know the Rules on Business Travel
Are you working on this year’s tax return or planning for the future? Either way, you should know the rules on business travel tax deductions. According to the IRS, whether […]
Will The Standard Business Mileage Rate Go Up In 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by […]
Recordkeeping Dos And DON’Ts For Business Meal And Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months […]
The Cents-Per-Mile Rate For Business Miles Decreases Again For 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a […]