SARASOTA, Fla., Feb. 11, 2025 (GLOBE NEWSWIRE) -- Tax season is here, and being prepared can make the process much smoother. MileageWise, the IRS-proof mileage tracking expert shares IRS-backed ...

If you use your own vehicle for business purposes, you may be able to deduct a percentage of your driving-related expenses from your taxable income..

The IRS has increased the standard mileage rates to 65.5 cents per miles for business purposes in 2023, up from 58.5 cents in early 2022 and 62.5 cents in the second half of 2022.

For example, if you deduct your mileage, it's critical to have a log that meets IRS standards--meaning it includes dates, odometer readings, trip details, etc. ( Here's the IRS document that ...

The IRS has announced its 2024 standard mileage rates. Beginning Jan. 1, 2024, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 67 cents per mile driven for ...

For 2025, the IRS mileage rates are 70 cents per mile for business and 21 cents per mile for medical and military moves. 1. ... Your mileage log must be precise and maintained consistently. 5.

Beginning on January 1, 2021, the standard mileage rates for the use of a car, van, pickup or panel truck will be:56 cents per mile for business miles driven (down from 57.5 cents in 2020)16 cents ...

This, however, is highly unlikely, as the IRS depreciation rate included in the standard mileage rate is conservative and rarely results in depreciation recapture. 5. Don’t forget the mileage log.

For the 2022 tax year, the IRS approved the following standard mileage rates: — Business: 58.5 cents per mile from Jan. 1, 2022-June 30, 2022 and 62.5 cents per mile from July 1, 2022 — Dec ...

These documents include mileage logs, which are often overlooked. MileageWise is an IRS-proof mileage tracking solution designed to help taxpayers save money and stay compliant.. With features like AI ...