The IRS has announced the standard Federal mileage rates for the new tax year. If you must drive for your job, medical reasons, or as part of a charity effort, you could get a tax deduction on your mileage and reduce your overall tax bill.
How Much is the Current Standard IRS Mileage Rate?
Starting from the beginning of the calendar year, the standard mileage rate for vehicles used for work, medical, and charitable purposes are as follows:
- 58 cents per business mile.
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The standard deduction grew significantly under the Tax Cuts and Jobs Act (TCJA). However, despite the standard deduction growing in 2018, the rise was less groundbreaking in 2019.
For taxpayers, the standard deduction is incredibly valuable. It’s available to all taxpayers and is used to reduce total taxable income, which can lower the amount of tax owed. Most taxpayers are eligible to take the standard deduction, and most do take it.
Some taxpayers decide to itemize their deductions, however.
Let’s take a look at the latest standard deduction amounts.… Read the rest