The rate for 2021 decreased to 56 cents per mile from 57.5 cents in 2020. This rate is used to calculate the tax deduction for using a car for your business. Medical care mileage is now 16 cents per mile and charitable mileage remains unchanged at 14 cents per mile. The IRS will disregard mileage estimates for your business upon audit. They are looking for a contemporaneous written record of business mileage. If you have significant business mileage, you should consider getting a mileage log at an office supply store to document your mileage. You can also document business mileage in your quickbooks.
No comments:
Post a Comment