Dr. Friday highlights the 2024 mileage rates, crucial for self-employed individuals. The business mileage rate is set at 67 cents per mile, while medical and moving miles (typically for the U.S. military) are 21 cents per mile, and charity miles are 14 cents per mile. Dr. Friday emphasizes the importance of maintaining a proper mileage log, as the IRS requires accurate records to validate deductions. Tune in to Dr. Friday’s call-in show every Saturday for more tax insights.
Transcript:
G’day I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Mileage rate always important for especially a self-employed individuals that are able to deduct mileage. 67 cents per a business mile is what we’re going to get in 2024. 21 cents per a medical mile or moving mile if it applies only for the US military usually and then 14 cents for charity per a mile.
Important but we’re also going to need to make sure you’re tracking those miles properly. You can’t just look up in the sky and say oh yeah I did 25,000 miles because I run in real estate. You need the number, you need a mileage log otherwise the IRS can disallow tax deductions and that’s not right.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.