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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 ...
To calculate your mileage costs, you simply multiply the number of miles you drove by the cents per mile rate that applies to you: 65.5 cents for business miles, 22 cents for medical or military ...
The standard mileage deduction rose to 67 cents per mile, up 1.5 cents from 2023. The change will go into effect for the 2024 tax year on taxes filed in 2025.
To calculate the total cost of car ownership, begin with the initial cost of the vehicle, and add onto that the amount you will or have paid for interest over the life of your car loan.
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Both offer a calculator where you can input a few pieces of information regarding your vehicle. You will need to include the year, make, model, mileage and the extent of damage done to your car.
Tax Tips: Writing Off Mileage on Your Tax Forms. April 15th is a few months off, but you want to start thinking about tax filing now. Unless, of course, you like the deadline pressure of driving ...
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related to: aol mileage calculator