* 58 cents per mile for the first 5,851 miles of business use.
* 14 cents per mile for business use in excess of 5,851 miles of business driving.
Important Considerations:
* This is only for the *standard* mileage rate. You can also choose to deduct your actual car expenses (gas, oil, repairs, depreciation, etc.), but this generally requires more record-keeping and might be less advantageous depending on your circumstances.
* Business use must be substantiated. Keep meticulous records of your business trips, including dates, mileage, and the purpose of each trip. The IRS may request this documentation.
* Rates change yearly. Always check the IRS website for the most current rates before filing your taxes. Searching for "IRS standard mileage rates" will usually lead you to the correct page.
* This applies to the United States. Mileage rates vary significantly in other countries.
To determine which method (standard mileage rate or actual expenses) is best for you, you should consult a tax professional or use tax software that can help you compare the two.
