12/7/2023 0 Comments Tax write offs for gig workersSo far, we’ve been talking about the method in which you just track your total business mileage. In reality, the IRS allows you to use two different methods for deducting your driving expenses. This is where it’s worth taking a closer look at how the mileage deduction works for businesses. So if you didn’t just come to this article looking for a list of the current rates, then you’re likely wondering why you should care about the mileage rate.Īfter all, a measly 58 cents per mile isn’t going to help you much, right? If this situation applies to you, then you’re most likely aware of the rules and details.īeyond these changes, however, the mileage deduction still remains a very powerful tool for business owners.īelow, we’ll take a closer look at why the business standard mileage rate still matters, as well as how to use it to your advantage. We know the main focus of this article is deductions for business purposes, but this is still good information to know in case you’ve deducted your unreimbursed employee travel expenses in the past.Īlso as part of the Tax Cuts and Jobs Act, you can no longer claim deductions for moving purposes, unless you are a member of the Armed Forces on active duty who is “moving under orders to a permanent change of station.”
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