Brooklyn, NY (Nov 08, 2019) - IRS announced a massive bonus for the tax filers with a personal vehicle in the US. They are going to provide a tax deduction of 58 cents per mile to any tax filer with a car or any own automobile. Earlier the mileage deduction was limited to 54 cents per mile. The massive amount of deduction means, if one could show 100,000 miles on their vehicle, then they could avail a deduction of 000.
Despite the massive amount of refund, the Tax Cuts and Jobs Act cancelled the deduction of unreimbursed expenses provided to an employee of a company. They cannot use their un-reimbursed miles for tax deduction purpose. Due to the increase in mileage deduction, car prices in the US are assumed to be increasing. Through an estimation, the price of a car could go up to 6 per month.
While filing taxes online, the filers can upload the logging chart of their vehicle to prove to the IRS how many miles they have travelled. If one does not have a table, then they would require accounting to calculate the gas used during the several trips through their car. Though maintaining a chart is the best possible way to claim a deduction.
For more information, please visit https://filemytaxesonline.org/is-mileage-still-deductible/
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