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IRS Mileage Rate for Work-Related Driving

IRS Mileage Rate Overview

The IRS mileage rate, also known as the IRS standard mileage rate, is an amount the federal government allows you to deduct for each mile you drive for business or work purposes. This IRS mileage rate provides an alternative method for calculating your car expense deduction when you use it in your business or for your employer. In a recent tax year, the IRS mileage rate allows taxpayers to deduct 50 cents for each mile driven. So if your employer requires you to use a personal vehicle as part of your job and doesn’t reimburse you, using the IRS mileage rate allows you to just keep track of the miles you drive for work and multiply the total at the end of the year by the mileage rate to arrive at your deductible car expense.

Alternative to IRS Mileage Rate

If you choose not to calculate your car expense deduction using the IRS mileage rate, you must use your actual car expenses to calculate your deduction. This includes your lease payments, car insurance, repairs, gasoline and oil as well as any other cost that relates to your vehicle. However, calculating the actual cost is more efficient for businesses that use the vehicle solely for the business. But if you are an employee who uses a car for both personal and work purposes, you must allocate your actual costs for each type of use since personal car costs are never tax deductible. For example, if you put 10,000 miles on your car during the year and 6,500 of them relate to your job, then you can only take a tax deduction equal to 65 percent of your actual costs. You can, however, calculate the deduction using the IRS mileage rate and use the method that yields the larger deduction.

Reporting IRS Mileage Rate Deductions

If you claim a deduction for the work miles you put on your car, you must report it as a job-related expense with your other itemized deductions on a Schedule A and attach it to your Form 1040. But if you claim the mileage rate as a business expense, you report it on the tax form you use to report your business earnings and other deductions such as a Schedule C, Form 1120 or 1120A.

Reference: IRS Publication 463-Travel, Entertainment, Gift and Car Expenses