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You can use this mileage reimbursement calculator to determine the deductible costs associated with running a vehicle for medical, charitable, business, or moving. You can calculate mileage reimbursement in three simple steps: Select your tax year. Input the number of miles driven for business, charitable, medical, and/or moving purposes.
Find standard mileage rates to calculate the deduction for using your car for business, charitable, medical or moving purposes.
3 sty 2024 · To calculate your deduction using the standard mileage rate, you'll first have to track your miles using a mileage log or app. Then, just multiply your business mileage by a standard mileage rate set by the IRS, which is updated annually. (For 2023, the rate is $0.655. For 2024, it increases to $0.67.)
30 sty 2024 · However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method.
22 lut 2023 · You can deduct your mileage at the standard rate of 18 cents per mile for 2022 and 22 cents per mile for 2023, or you can deduct your actual costs of gas and oil. Deducting parking costs and tolls is also allowed.
If you choose the standard mileage method, then you’ll calculate your deduction by multiplying the number of miles you drove for business that tax year by the standard mileage rate. You can also deduct the cost of tolls and parking fees, as well as the percentage of personal property taxes for your vehicle that are related to its business use.
Calculate your mileage reimbursement with ease using our mileage reimbursement calculator. Learn the basics of mileage reimbursement and deduction rates.
