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Is Mileage Still Deductible?

Is Mileage Still Deductible in 2020, 2021?

is mileage tax deductible

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 cents to 57.5 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

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What is the Child Tax Credit and Additional Child Tax Credit?

Do you have one or more children who are under 17 living with you throughout the year? Then you may be able to get a big refund through the Child Tax Credit on your tax return this coming tax year.

If you can’t get this credit, then you could get the Additional Child Tax Credit instead, assuming you meet these qualifications.

child tax credit answers

What is the Child Tax Credit?

This nonrefundable tax credit is available for each qualifying child.

You can claim the child tax credit when you file your yearly tax return.… Read the rest