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2. Know the 2024 standard mileage rate before you do your taxes

   www.aol.com/know-2024-standard-mileage-rate...

   The change in the tax rule is part of the Tax Cuts and Jobs Act of 2017. However, a self-employed taxpayer who files a Schedule C can use the standard rate to deduct expenses from mileage incurred ...

3. Mileage Reimbursement Rate for 2025: What To Expect - AOL

   www.aol.com/mileage-reimbursement-rate-2023...

   Complete the appropriate tax forms: Self-employed individuals or business owners must fill out Schedule C, Part II, Line 9. Employees will need to complete Form 2106. Employees will need to ...

4. 15 Self-Employment Tax Deductions You Should Know - AOL

   www.aol.com/15-self-employment-tax-deductions...

   Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security and Medicare tax than an ...

5. Self-employment - Wikipedia

   en.wikipedia.org/wiki/Self-employment

   In fact, there is an additional Medicare tax rate of 0.9% when a self-employed individual earns above $200,000 (single). Generally, only 92.35% of the self-employment income is taxable at the above rates. Additionally, half of the self-employment tax, i.e., the employer-equivalent portion, is allowed as a deduction against income.

6. Taxes 2024: IRS Increases Mileage Standard Deduction ... - AOL

   www.aol.com/taxes-2024-irs-increases-mileage...

   For drivers on the low-end of that range, they could deduct $53,600 in mileage for 2024, versus $52,400 in 2023, decreasing their tax liability and potentially putting money in their pocket.

7. Business mileage reimbursement rate - Wikipedia

   en.wikipedia.org/wiki/Business_mileage...

   The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...