Are Irs Form 13844 Mileage 2025

The IRS has announced its mileage deduction for 2019. This announcement is important for individuals to be aware of. The new rate for mileage deduction is 58 cents per mile. It may be more important for some individuals than others. In previous videos, there have been some focus issues, but those have been resolved for this video. The mileage deduction is important to discuss because it can be used in different ways for expenses on your tax return. It is important to note that this information is not coming from a tax professional, but rather from personal experience as a ride-share driver and self-employed individual for over 20 years. The 58 cents per mile deduction is an average and does not necessarily represent the actual cost of operating a vehicle. There are many variables such as the type of car, gas mileage, insurance rates, and maintenance costs that can impact the actual cost. The mileage deduction is particularly important to consider for calculating expenses and determining profitability in the ride-share industry. The Stride Drive app can be helpful in quickly and easily tracking mileage and calculating the costs based on the IRS rate. It is important to remember that the mileage deduction is an average and may not reflect the actual cost of operating a vehicle, especially when considering factors like gas prices. Overall, understanding and utilizing the mileage deduction can provide valuable insights into the true profitability of a ride-share business.