TaxMama® and Ken Jeffries interview:
LISTEN TO PODCAST:
Ken: It’s TaxQuips Time from TaxMama.com . Today TaxMama covers deductible mileage.
What kinds of mileage are deductible by individuals and businesses?
TaxMama: Actually, there are four ways to take advantage of vehicle-related deductions:
- Medical mileage
- Moving Mileage
- Job or business mileage
- Charitable mileage
Ken: What are the mileage rates for 2016?
- Medical mileage and Moving Mileage – 19 cents (down from 23 in 2015)
- Job or business mileage – 54 cents (down from 57.5 in 2015)
- Charitable mileage – it’s always 14 cents – it literally takes an Act of Congress to change it
Make sure you keep track of all your miles for the year – not just the deductible miles. Keep good records.
Ken: There’s a lot more to learn about vehicle deductions and mileage. We’ll talk about that in future TaxQuips.
Ken: Meanwhile remember, you can find answers to all kinds of questions about mileage and other tax issues, free.
Where? Where else? At www.TaxMama.com.