tax refund on mileage
2006-12-02 06:26:43 · 3 answers · asked by menchdotcom 1 in Business & Finance ➔ Taxes ➔ United States
Nothing, unless you use it in your business. The rate for 2006 is 44.5 cents per mile. The value of the deduction depends upon if you itemize, and what your marginal tax rate is. There are also much lower rates for medical and charitable use -- 18 and 14 cents per mile respectively.
2006-12-02 06:41:21 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
you want to make certain the miles your purely motor vehicle is used for agency and enjoyment meaning you keep a log of your miles, contemporaneously you identify with those archives with the % of economic corporation use or the easily miles there are 2 procedures to declare mileage and once you identify which approach you take advantage of, you proceed the same approach as long as that motor vehicle is the only getting used and convinced, the quantity of economic corporation useage might want to ok impact the proper result
2016-11-23 12:53:01 · answer #2 · answered by saleh 4 · 0⤊ 0⤋
Bostonion is correct but with a little add on- if you claim business miles on form 2106 for unreimbursed employee expenses, you WILL lose 2% of your adjusted gross income for these expenses.
see irs website and download the form and instructions
2006-12-02 16:07:46 · answer #3 · answered by upside down 4 · 1⤊ 0⤋