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Deducting Vehicle Expenses: The Standard Mileage Rate
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The Standard Mileage rate is the easiest way for entrepreneurs and landlords to deduct their vehicle expenses. This video explains what the Standard Mileage rate covers, the various rates there are and when those rates can be used. It also tries to explain when auto mileage is deductible and when it isn't, and reviews what proof the IRS requires when it audits vehicle expenses.
2023 UPDATE:
For 2023, the Standard Mileage rates are 65.5 cents/mile for business activities, 22 cents per mile for medical purposes, and 14 cents/mile for charitable purposes.
RESOURCES and ADDITIONAL INFORMATION:
The Tax Geek on Twitter: @taxgeekusa
Image sources:
Other images via Wikimedia Commons (CC 2.0 - 4.0):
Raysonho
formultanone
Nenyedi
Whoisjohngalt
Franki Fouganthin
NatGeoLover
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Background and Outro Music: "A Walk in the Park" - Track Tribe via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The information in this video is current as of date of publication, and is subject to changes
2023 UPDATE:
For 2023, the Standard Mileage rates are 65.5 cents/mile for business activities, 22 cents per mile for medical purposes, and 14 cents/mile for charitable purposes.
RESOURCES and ADDITIONAL INFORMATION:
The Tax Geek on Twitter: @taxgeekusa
Image sources:
Other images via Wikimedia Commons (CC 2.0 - 4.0):
Raysonho
formultanone
Nenyedi
Whoisjohngalt
Franki Fouganthin
NatGeoLover
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Background and Outro Music: "A Walk in the Park" - Track Tribe via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The information in this video is current as of date of publication, and is subject to changes
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