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  The IRS allows you to deduct the cost of operating your vehicle for business-related purposes. When calculating your tax bill, there are several factors that go into play: How much you drove for business purposes, how much mileage you had on your car, and the standard mileage rate. This is where we come in. We'll show you how to  calculate mileage reimbursement . These three things so that next time someone asks "How much am I supposed to deduct?" You can answer without looking it up first! Determine your total business miles. Keep a record of your business miles. If you have a vehicle that is used for both personal and business purposes, keep track of the total mileage you drive on each trip. Use a mileage tracking app to track your driving habits and calculate how much gas or diesel fuel it takes to drive from point A to point B (included). Calculate how much money is being spent on gas by multiplying the number of gallons purchased ...

Introduction If you’re an employer, you probably know that mileage reimbursements can be a tricky thing to navigate. There are rules, exceptions, and deductions that need to be taken into account before handing out a check. If you don’t know how to maximize these deductions, then it might seem like they aren't worth the trouble. But if you want to save money on employee mileage reimbursement while avoiding headaches and complexity, a standard mileage rate (or "standard rate") may be just what you need! First, consider the deductions you can actually take The first step in figuring out how much mileage you can deduct is to consider the deductions you can actually take. This includes things like the federal tax deduction for mileage, as well as other state and local tax deductions. If your employee is allowed to claim a deduction for vehicle expenses, this should be factored into their total reimbursement amount. If an employer chooses not to reimburse employees fo...