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

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   The 2024 standard mileage rate for business use of a vehicle is 67 cents a mile. ... a self-employed taxpayer who files a Schedule C can use the standard rate to deduct expenses from mileage ...

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

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   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.

4. IRS mileage rate for business goes up by 1.5 cents for 2024 - AOL

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   Self-employed individuals can claim business mileage on a tax return. Those filing 2023 returns in 2024, though, need to use the 2023 rate for those returns, not the new IRS mileage rate for 2024.

5. 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 ...

6. 15 Self-Employment Tax Deductions You Should Know - AOL

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   For example; If you buy a tractor for a farming business you’re running, you can deduct up to $1,220,000 in 2024, but it is reduced for equipment purchased for over $3,050,000 and placed in ...

7. The Best Tax Deductions and Tax Breaks for 2024-2025 - AOL

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   2. Self-Employed Health Insurance. Self-employed individuals with a net profit can deduct self-employed health and long-term care insurance without having to itemize deductions. You can include ...