Quick Tip: Tax Deductions for Vehicle Use
If you use a vehicle for certain purposes, remember that it might entitle you to a money-saving tax deduction. Beginning on January 1st, the standard mileage rates will be:
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$0.51 per mile for business use (see IRS Publication 463)
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$0.19 per mile for moving or medical use (see IRS Publication 521 and IRS Publication 502)
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$0.14 per mile for service to charitable organizations (see IRS Publication 526)
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About the Author
Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.
