![]() ![]() For the 2021 tax year, the rate is 56 cents per mile and for the first 6 months of the 2022 tax year, it’s 58.5 cents per mile. The easiest way to calculate mileage tax deductions is by using the standard mileage rate set by the IRS. Negligence and not keeping relevant records can also lead to penalties. If you’re audited by the IRS and they determine that you have claimed unnecessary expenses (extra miles, for example), you could face penalties for overstating deductions, such as fines or even federal prison time. Making a detour to the grocery store on the way home from visiting your rentalĪlthough what constitutes a travel expense can sometimes be ambiguous, it’s best to abide by the guidelines to avoid being penalized by the IRS.Traveling to and from your house and your workplace (every day commuting).Non-business related travel that cannot be claimed includes: Traveling to landlord-specific classes or trade shows.Traveling to meet with contractors, attorneys, accountants, etc.Traveling to collect supplies, such as building supplies for maintenance or renovations.Traveling to your property to show prospective tenants. ![]()
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