Gooding CPA Tax Updates How to deduct mileage for business

How to deduct mileage for business

Proper mileage tracking is important incase of an IRS audit. Mileage can be tracked using a simple excel spreadsheet or even advance phone applications using GPS tracking. Amazon has log books for as low as $10 and it is recommended to keep a book in the car at all times. Phone applications range in price from $10 a month to $50. Standard mileage rate for 2023 will be .655 per mile.

Source for mileage: https://www.irs.gov/tax-professionals/standard-mileage-rates

Related Post