Mileage Deductions

You deduct the following amounts for your miles driven:

Business – $0.565 per mile
Medical – $0.24 per mile
Charity – $0.14 per mile

If you take a mileage deduction for business, you are choosing that INSTEAD of adding up all of your expenses on gas, repairs,etc. on your car for the year. This is important because most people will want to claim BOTH deductions. Typically, the mileage will be the best way to take and auto deduction.

Medical miles only matter if you are going to have a lot of out of pocket medical deductions during the year. It’s not until your out-of-pocket medical expenses EXCEED 10% of your Adjusted Gross Income that your mileage or medical expenses will have an impact on your taxes.

You can deduct as a charitable contribution any miles you drive that are directly related to services to a charitable organization.

IN ADDITION TO you mileage deductions, you can add all parking fees and tolls. This can be a good deduction for those of you who park downtown. It will give you at least a 10% discount on your parking

NOTE: These deductions are based off of the 2013 tax law.