MILEAGE TAX DEDUCTION

LINK LIST

• WHAT IS A 1040 FORM?


• 1040 AND INSTRUCTIONS


• 1040 A AND INSTRUCTIONS


• 1040 ES AND INSTUCTIONS


• 1040EZ AND INSTRUCTIONS


• 1040 SCHED. A ITEMIZED DEDUCTIONS


• 1040 SCHEDULE B  - INTEREST, DIVIDENDS, FOREIGN ACCOUNTS, & TRUSTS - WITH INSTRUCTIONS


• 1040 SCHEDULE C
  WITH INSTRUCTIONS


• SCHEDULE D CAPITAL GAINS AND LOSSES


• 1040SE SELF EMPLOYMENT TAX WITH INSTRUCTIONS


• 1040X WITH INSTRUCTIONS


• 1099 FORMS COMPLETE


• PUBLICATION 17 TAX GUIDE FOR INDIVIDUALS

YOU CAN SAVE A LOT OF MONEY WITH THIS ALLOWANCE

BUSINESS

The rate for 2014 was .56 cents per mile for business.

The rate for 2015 is .57.5 cents per mile for business.

That extra penny and a half per mile adds up to a better deal and with lower fuel costs we are lucky for 2015!

 I use a somewhat older car that is paid for in full and take the mileage deduction because it pays of well. Other wise you would have to keep track of all of your expenses for the car etc for a deduction.

You will have to keep a mileage log on the car for business miles. No guesstimation allowed.

Fill it out right after you make a trip using your odometer for numbers.

MEDICAL

Surprizingly the rate went from 23.5 cents per mile in 2014  all the way down too 23 cents per mile in 2015.

We all hoped that it would go up, but it went down a half of a cent. Oh well it is still better than nothing for some of us.

CHARITY

Somehow we are still stuck at a measly 14 cents a mile for 2014 and 2015.

This should really get raised up higher.

Most of us don't use it.

For those who drive a lot of miles for some charitable work, this could pay off well... if it was higher.