When it comes to tracking your miles for taxes, we often talk about the mileage deduction and the mileage reimbursement. But there are other tax reasons to keep a mileage log. Let’s dive into the medical expense deduction and what role medical mileage plays. We’ll also discuss who can take this deduction, as well as what records you have to keep.
In this week’s Ask the Tax Expert, a reader asks about the IRS definition of a “temporary work location.” This can be important to know if you plan to take a mileage deduction and drive from your home to a temporary work location.
The IRS Mileage Rate 2016 is important for anybody looking for a driving-related deduction. This is also often called the Standard Mileage Rate and is worth 54 cents per mile for business-related drives in 2016. Learn about how to use it, how this rate changes over time and others tips and tricks.