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Taxes 2024: IRS Increases Mileage Standard Deduction Rates by 1.5 Cents. Dawn Allcot. ... For drivers on the low-end of that range, they could deduct $53,600 in mileage for 2024, versus $52,400 in ...
The IRS bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. The new rate kicks in beginning Jan. 1 and it would apply to 2024 tax returns ...
Tax Deductions For the 2024 Tax Year The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023.
What's new for standard tax deductions in 2024? The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly. That's an increase of $1,500 from the previous ...
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 ...
2023 Tax Brackets and Income Tax Rates. Tax returns for 2023 were due on April 18, 2024, for most filers.If you secured an extension by tax day, your new federal filing deadline was Oct. 16, 2024.
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