New 2023 IRS Standard Mileage Rates

Deciding whether to use the IRS Standard Mileage Rate or actual car expenses for a tax deduction can be a tricky business. Both approaches are acceptable, but ultimately taxpayers will have to choose one or the other and commit to it when filing their tax returns. The key is understanding what each approach involves. If you opt for the standard mil...

The IRS defines business mileage as mileage that is driven between two places of work, permanent or temporary. Some common types of trips that are considered business-related include: 1. Traveling between two different places of work 2. Traveling to another location of your business. 3. Traveling to a temporary business location 4. Meeting clients ...

Visits to the doctor, as well as other healthcare or dentist appointments, are generally eligible for deductions according to the medical mileage rate. However, not all of your medical trips will be refundable - primarily those that aren't covered by an employer-sponsored health insurance plan. Despite being bound by one's adjusted gross income in ...