Business mileage rates are the rates the IRS allows taxpayers to deduct per mile driven for business purposes. The standard business mileage rate for 2019 is 58 cents per mile. This rate is based on an annual study of the fixed and variable costs of operating an automobile. The rate for 2019 is 2 cents higher than the rate for 2018.
The business mileage rate allows taxpayers to deduct the costs of driving for business purposes. This includes driving to and from meetings client appointments and other business-related destinations. The rate is also available to taxpayers who use their personal vehicle for business purposes such as salespeople real estate agents and other self-employed individuals.
There are a few other expenses that can be deducted in addition to the business mileage rate. These include parking fees and tolls as well as the cost of renting a car for business travel.
What is the business mileage rate for 2019?
Answer 1: The business mileage rate for 2019 is 58 cents per mile.
How do I calculate my business mileage deduction?
Answer 2: You can deduct 58 cents per mile of business travel plus any parking fees and tolls.
Can I deduct my commuting mileage?
Answer 3: No you cannot deduct your commuting mileage.
I drove 1000 miles for business this year.
How much can I deduct?
Answer 4: You can deduct $580 for business mileage (1000 miles x 58 cents).
Do I need to keep track of my business mileage?
Answer 5: Yes you need to keep track of your business mileage in order to claim the deduction.
How long do I need to keep track of my mileage records?
Answer 6: You need to keep track of your mileage records for at least three years.
What if I forget to track my mileage one month?
Answer 7: You should try to track your mileage every month but if you forget one month don’t worry about it.
What if I can’t track my exact mileage?
Answer 8: You can use the standard mileage rate to estimate your deduction or you can keep track of your actual expenses.
I drove my personal car for business.
Can I deduct my car payments?
Answer 9: No you cannot deduct your car payments.
I drove my personal car for business.
Can I deduct my gas expenses?
Answer 10: Yes you can deduct your gas expenses.
I drove my personal car for business.
Can I deduct my car insurance?
Answer 11: No you cannot deduct your car insurance.
I drove my personal car for business.
Can I deduct my car repairs?
Answer 12: Yes you can deduct your car repairs.
I drove my personal car for business.
Can I deduct my parking fees?
Answer 13: Yes you can deduct your parking fees.
I drove my personal car for business.
Can I deduct my tolls?
Answer 14: Yes you can deduct your tolls.
I drove my personal car for business.
Can I deduct my car rental expenses?
Answer 15: Yes you can deduct your car rental expenses.
