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Oct 4, 2024 4 min

Mileage Deduction for Self-Employed Individuals

from Tax Dives - Let’s go together!

In this episode, we explore the 2023 mileage deduction, a valuable tax-saving tool for self-employed individuals using a vehicle for business purposes. We’ll break down the two methods for claiming the deduction—the Standard Mileage Rate and the Actual Expenses Method—along with the eligibility criteria, including vehicle ownership and business use. Learn how to keep accurate records, choose the right method for your situation, and properly claim the deduction using IRS Form 1040 Schedule C. Tune in to discover how this deduction can help reduce your tax bill and maximize your savings.

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Mileage Deduction for Self-Employed Individuals

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This episode is 4 minutes long.

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This episode was published on October 4, 2024.

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