2018 Mileage Deduction – DougFreemanCPA.com

Vehicle-expense deduction ins and outs for individual taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through […]

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Higher mileage rate may mean larger tax deductions for business miles in 2019

2018 Mileage Deduction, 2019 Mileage Deduction, Business Mileage, Deductable Expenses, Income Tax, Internal Revenue Service, Tax Cuts and Job Acts (TCJA), Tax Savings, Vehicle Expenses / Douglas Freeman

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage

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Business deductions for meal, vehicle and travel expenses: Document, document, document

2018 Mileage Deduction, Business Mileage, Business Travel Deductions, Business Travel Expense, Deductable Expenses, Federal Income Tax, Income Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction / Douglas Freeman

Meal, vehicle, and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or

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What’s your mileage deduction?

2018 Mileage Deduction, Business Mileage, Charitable Mileage Deduction, Tax / Douglas Freeman

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these

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