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The IRS has given at least one tiny glimmer of hope for your 2023 finances amid a backdrop of economic uncertainty: You can now increase your tax write-off for fuel costs. On Dec. 29, the agency ...
For drivers on the low-end of that range, they could deduct $53,600 in mileage for 2024, versus $52,400 in 2023, decreasing their tax liability and potentially putting money in their pocket.
Truck drivers get the standard mileage rate of 65.5 cents per mile. This rate increased from 62.5 cents per mile as of January 2023. To figure out your deduction, take the number of miles driven ...
IRS announces slightly higher mileage rate for 2024 for business use. File photo: Customers pull into Shepherd's Corner in Fraser, Michigan, to fill up with gasoline.
On Dec. 29, the agency announced a bump in the optional standard mileage rate starting Jan. 1, 2023 — which will now be 65.5 cents per mile driven. Taxpayers can use the new rate to calculate ...
Standard mileage rate: If you deduct using the standard mileage rate, you’ll need to keep track of the mileage you travel for business. For 2023 taxes, you can deduct 65.5 cents per mile. For ...
Taxpayers can take advantage of numerous tax deductions, also known as tax write-offs, to lower their tax bill or receive a refund from the IRS come tax season. Learn More: Trump-Era Tax Cuts...
For 2023, the standard mileage deduction is 14 cents per mile when traveling for charitable volunteerism, according to NerdWallet. The deduction will be the same in 2024. The deduction will be the ...