Is Mileage Still Deductible in 2019, 2020?
Mileage is a frequent deduction for those using their personal vehicles for business. The IRS is providing a bonus this year as the standard mileage deduction has gone up by 3.5 cents to 58 cents per mile.
For anyone using their vehicles for business purposes, this is huge. If a business owner logs 100,000 miles over the next few years, this totals a massive $58,000 in deductions.
However, despite this good news, the Tax Cuts and Jobs Act (TCJA) did eliminate the itemized deduction for un-reimbursed travel expenses.… Read the rest