In this installment of Ask The Tax Expert, we walk through the IRS definition of a temporary work location. This can impact the amount of your mileage deduction for the year.
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.
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.
We often talk about tracking mileage so independent contractors can take a tax deduction. Yet, a tax deduction isn’t the only reason to track mileage if you drive for work. Many employee are also eligible for a mileage reimbursement via expense reports. These workers should also track their miles.