Tracking your mileage is essential for maximizing tax deductions for business, charity, or medical purposes. In 2024, the standard rates are 67 cents per mile for business, 21 cents for medical or moving, and 14 cents for charity. Use tools like MileageIQ or maintain a detailed log to ensure accuracy and avoid costly mistakes during audits. Proper record-keeping can put more money back in your pocket.
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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.
Taking your standard mileage rate for business owners, for people that do charity work or medical, essential. And making sure you track it, I would suggest using something like MileageIQ. It’s free, but if you don’t want that, you need to either have a log in the car, you need to track what these miles are for. Once you have that, you’ll get 67 cents a mile in 2024. You’re going to get 21 cents per mile for moving or medical, and then you’re going to get 14 for charity. All of those will help add up and they’ll give you more money in your pocket, but make sure you have a good log. Estimating those numbers could cost you big on a tax audit. 615-367-0819.
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.