The mileage rates 2015 for business drives is 57.5 cents per mile. The IRS decreased the standard mileage rate for 2016 to 54 cents per mile. Let’s go over what the business mileage rate is and what it means to you.
If you drive your car or other vehicle for business purposes, you can take a mileage deduction of 53.5 cents for every mile you drive for work in 2017 (54 cents per mile for 2016). Here is everything you need to know in order to get the most out of your mileage write off.
MileIQ has been diligently recording your drives all year, but you’ve been a little less diligent about marking them as Business or Personal. Sound familiar? No problem. The hard part is done: MileIQ has captured all your drives for you. Use the four tips below and no matter how large or small your backlog of unclassified drives, you can quickly and easily get your mileage in order and ready to report.
Use This Guide to Help Get Your Biggest, Most Accurate, IRS-Compliant Mileage Deduction or Reimbursement
Staying on track to get the full value of your 2014 mileage deduction may seem tedious, especially if you have’t been documenting your miles throughout the year, but with some careful work, you may earn a hefty financial return and you’ll be 100% ready in case you get audited. The first step on the right track to an accurate mileage deduction is understanding key definitions, conditions, exceptions, and submission protocols. In this post we will review all of these topics and provide tips and tricks for you to prepare for your 2014 mileage deduction.