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2007 sources of Indiana's revenue. Taxes in Indiana are almost entirely authorized at the state level, although the revenue is used to fund both local and state level government. The state of Indiana's income comes from four primary tax areas. Most state level income is from a sales tax of 7% and a flat state income tax of 3.05%. The state also ...
If you plan to deduct mileage when filing taxes, you must itemize on your tax return. You can do this in one of the following ways: Complete Form 1040 and Schedule A.
A 2017 study in the Journal of Public Economics found that "a VMT tax designed to increase highway spending $55 billion per year increases annual welfare by $10.5 billion or nearly 20% more than a gasoline tax does because: (1) the differentiated VMT tax is better than the gasoline tax at targeting its tax to and affecting the behavior of those ...
Self-employed individuals can claim business mileage on a tax return. Those filing 2024 returns in 2025, need to keep in mind that they will use the 2024 rate for those returns, not the new IRS ...
Ohio. Massachusetts boasts the No. 3 lowest five-year vehicle ownership cost, but its mileage reimbursement law bumps it higher up on the list and puts Ohio in line just after Wisconsin.
When automobiles came on the scene in the late 19th century and early 20th century, people wanted better roads to travel. This interest was a national one, sparking the U.S. Congress to offer money to any state that would improve its roads. Indiana took Congress up on its offer and created the Indiana State Highway Commission (ISHC) in 1919.
On Dec. 29, the agency announced a bump in the optional standard mileage rate starting Jan. 1, 2023 — which will now be 65.5 cents per mile driven. Taxpayers can use the new rate to calculate ...
Three states—Kentucky, New Mexico, and New York—have "weight-mile" taxes in addition to the standard fuel tax. Oregon has just a weight-mile tax. Any amount of fuel taxes due (or refund) is then paid to (or received from) the base jurisdiction which issued the license. The member jurisdictions then take care of transferring the funds ...
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