Tags: Mileage Deduction

Ask the Tax Expert: Ridesharing, Standard Mileage Deduction or Actual Expense Method

Ask the Tax Expert: Ridesharing, Standard Mileage Deduction or Actual Expense Method

Q. This is my first year as a ridesharing driver. I would like to use the actual expenses method to calculate my mileage deduction for 2018 because I paid for some major repairs. Thus, my actual ...Read more

Ask the Tax Expert: What is the Maximum Business Mileage Deduction?

Ask the Tax Expert: What is the Maximum Business Mileage Deduction?

Q: As a self-employed professional, I do a lot of driving and consequently rack up a lot of business mileage. This year my mileage deduction will be well over $7,000. A friend told me that a maximum ...Read more

Mileage for Taxes: Standard Mileage Deduction Rules & Rates

Mileage for Taxes: Standard Mileage Deduction Rules & Rates

Mileage deduction is a tax write-off used to offset the cost of using a personal vehicle for business reasons. The standard mileage rate changes each year and includes factors like gasoline prices, ...Read more

Standard Mileage Rate vs Actual Vehicle Expenses

Standard Mileage Rate vs Actual Vehicle Expenses

If you drive a personal vehicle for business, you have two options for deducting your vehicle expenses. You can use the standard mileage rate or you can use the actual expense method. Which is ...Read more

How The Best Mileage Tracking App Saves You Money

How The Best Mileage Tracking App Saves You Money

A mileage tracking app is the best way to keep track of your miles for tax or business purposes. You may be thinking, "Can't I just use a pen and paper?" Yes, but the best mileage tracking app has ...Read more

What The IRS Counts As A Business Drive

What The IRS Counts As A Business Drive

Hopefully, you're already tracking your miles in order to get the largest mileage deduction you're entitled to. But, what counts as a business drive? Let's go over what trips the IRS considers as ...Read more

IRS Reporting Requirements for Mileage Deduction

IRS Reporting Requirements for Mileage Deduction

I often get asked if you have to include odometer readings for every trip to get the mileage deduction. The IRS does not require odometer readings for every trip. Let's go over the reporting ...Read more