The IRS recently announced the 2018 “standard mileage rates”.
Whenever you drive for business, medical reasons, or in support of a charitable organization, you may be able to get a mileage deduction and save money on your taxes.
54.5 cents per mile for business miles driven, up from 53.5 cents in 2017.
Can you claim mileage on taxes in 2018?
You can claim 20 cents per mile driven in 2018, but there’s a catch. Only medical expenses – both mileage and other bills combined – in excess of 7.5 percent of your adjusted gross income can be deducted.
Can I claim mileage on my taxes 2019?
You can deduct more in 2019, the IRS says. The Internal Revenue Service is giving some taxpayers who use their cars for business a much-appreciated bonus: a boost of three-and-a-half cents per mile, bringing the mileage deduction to 58 cents per mile in 2019. The typical driver logs about 14,000 miles per year.
What business miles are deductible?
The standard mileage rates for the use of a car, van, pickup, or panel truck: 55 cents per mile for business miles driven. 24 cents per mile driven for medical or moving purposes. 14 cents per mile driven in service of charitable organizations.
Can I deduct my home office in 2018?
And for 2018, even fewer taxpayers will be eligible for a home office deduction. For employees, home office expenses are a miscellaneous itemized deduction. For 2018 through 2025, this means that, if you’re an employee, you won’t be able to deduct any home office expenses.