The first quarter of 2023 is already in the books but it's never too late to plan for next year. Great record keeping of your business expenses is key to receiving the best tax benefit possible. As I wrote in an earlier blog post, one of those expenses is the mileage deduction. Current Tax deductible Mileage rates for 2023 have climbed to 65.5 cents per mile when using your personal vehicle for business use. Using your personal vehicle for charitable use is 14 cents a mile. Qualified Active Duty members of the Armed Services now receive 22 cents per mile for medical and moving purposes.
Always feel free to contact us on your tax questions. We are available online at affordabletaxprep.org or by phone @ (208)-230-4059.