The Internal Revenue Service has announced that the standard mileage rate for business miles will decline 3.5 cents per mile to 54 cents per mile as of January 1, 2016. The California Workers’ Compensation Institute notes that this means the mileage rate that California worker...
Option 1: Standard Mileage Rate: Track the miles driven and multiply that by each year’s standard mileage rate. For 2023, this is 65.5 cents per mile driven for business. So, if you drove 10,000 miles for work in 2023, you would get a tax deduction of $6,550. ...