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The IRSs published business mileage rate for 2018.545 per business miles driven.
This is why its important to take a mileage deduction, when possible.The Standard Mileage deduction method is the easiest, but may jet 2 holiday vouchers not give you the largest deduction.Where to take the deduction, line 44 of the IRS Schedule C Form 1040 gives you the option to enter the number of miles you used your ocbc robinson reward points redemption vehicle for.Depending on her effective tax rate, Gina could save a pretty significant sum of money!The rate fluctuates each year based on market conditions and other pch win 1 million a year for life factors.Now, obviously if you squeezed in a personal errand or two, those miles dont count, but you get the picture.From the moment you leave your driveway or parking spot to start driving for Uber (in search of your first passenger until you drop off your last passenger and return home, your total business miles are deductible, including the many more miles you drive.Gina could knock 2,180 off of her taxable income by taking the mileage deduction.OtherMake sure to enter all of your business mileage on line 44a.When filing taxes, you have a choice between two deduction methods: Standard Mileage or Actual Expenses, not both.For example, lets say Gina Gogetter, a Washington,.C.-based Uber driver, drove 4,000 miles last year for her business, which can be deducted at a rate.545/mile in 2017.The Actual Auto deduction method allows you to depreciate your vehicle and deduct most of your vehicle related expenses by the percentage of business use, but requires more detailed expense tracking.





Tax Reference: Standard Mileage.

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