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"Even driving to and from the doctor you can take the mileage as a write off." The state and local tax (SALT) deduction is available up to a cap of $10,000 for taxpayers who itemize their returns ...
For the final six months of 2022, the standard mileage rate for business travel was 62.5 cents per mile, up 4 cents from the rate effective at the start of 2022.
The Internal Revenue Service announced an increase in the standard mileage rates when people use their vehicles for business use. The standard mileage deduction rose to 67 cents per mile, up 1.5 ...
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
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 ...
When we flip the calendar into the New Year, drivers will be looking at a new, slightly higher standard mileage rate for a deduction for business use on their 2024 federal income tax return.
“Repealing SALT would lower the effective tax rate on the state’s top earners by 37%,” he said back in 2021. “The state’s new, top 10.9% tax rate becomes an effective 6.9% tax rate.”
Limits on deductions for business-related entertainment but no limit in 2021 taxes and beyond. [23] In addition, deductions in excess of income in one endeavor may not be allowed to offset income from other endeavors. For example, the United States limits deductions related to passive activities to income from passive activities. [24]