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.
To learn more about the "Gig Economy," click here: • The "Gig Economy" and ...
To learn how travel expenses are treated for landlords, click here: • Taxes for Landlords, p...
To learn all about travel as a deductible medical expense, click here: • 5 Medical Deductions (...
RESOURCES and ADDITIONAL INFORMATION:
IRS Publication 463: "Travel, Entertainment, Gift, and Car Expenses": www.irs.gov/pu...
IRS Schedule A: "Itemized Deductions": www.irs.gov/pu...
IRS Schedule C: "Sole Proprietorship Income and Expenses": www.irs.gov/pu...
IRS Schedule E: "Supplemental Income and Expenses": www.irs.bov/pu...
Investopedia: "How to Log Mileage for Taxes in 8 Easy Steps": www.investopoe...
The Tax Geek on Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image sources:
The images of "Fred," "Wilma," and "Bill" were generated by thispersondoesnotexist.com and any resemblance between this image and any persons, living or dead, is coincidental and not intended.
Pexels.com
Other images via Wikimedia Commons (CC 2.0 - 4.0):
Raysonho
formultanone
Nenyedi
Whoisjohngalt
Franki Fouganthin
NatGeoLover
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZitem Audio Library
Background and Outro Music: "A Walk in the Park" - Track Tribe via KZitem 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
Негізгі бет Deducting Vehicle Expenses: The Standard Mileage Rate
No video
Пікірлер: 72