Maximize your tax savings by claiming mileage deductions! Whether you’re self-employed, a business owner, or use your vehicle for work, you can deduct mileage for business, medical, moving, or charitable purposes. www.mileagewise.com/how-to-claim-mileage-on-your-taxes/
For 2024, the IRS standard mileage rate is $0.67 per mile for business use. To claim, choose between the standard mileage rate (simple, multiply miles by the IRS rate) or the actual expense method (calculate all car costs based on business usage).
Accurate record-keeping is key-track your trips with apps like MileageWise or keep a manual log, noting trip dates, purposes, and total miles. Maintain receipts and mileage logs for at least three years to support your claims. Self-employed individuals file mileage deductions using Schedule C, while charitable and medical mileage is reported on Schedule A (Form 1040).
Avoid mistakes like using outdated rates or claiming personal miles as business. Consult a tax professional if your situation is complex. With proper tracking and adherence to IRS rules, mileage deductions can significantly reduce your taxable income.
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