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Mileage Write-Off: Is $2000 Too High?

In summary, a mileage write-off is a tax deduction for using a personal vehicle for business purposes. The amount of $2000 for a mileage write-off may be reasonable depending on the number of business miles and proper documentation. To calculate the write-off, multiply the business miles by the standard rate of 56 cents per mile. Supporting documentation for a mileage write-off includes a detailed record of business-related miles and related expenses. Regular commute miles cannot be claimed, but temporary work locations outside of the regular commute may be eligible.
wadesgirl
wadesgirl
Gold Member
11,412
I'm entering my mileage from last year (yes last minute!) and wanted to make sure that this was correct because it seems wrong. If I drive 100 miles round trip my deduction is $50 at the 50 cent per mile tax rate. Is that correct? Basically with all the shows I did last year I'm around $2000 in mileage write offs. That seems way too high for some reason. Guess I never paid attention before!
 
I don't know if the rate is spot on (someone else did my taxes this year), but that's right with your numbers. If you record your mileage in P3 it actually gives you the dollar amount for each trip. It really adds up.
 
Yes- you are correct. $0.50 per mile for 2010. I think it's $0.51 for 2011 mileage, so be sure if you do start entering any for THIS year, you change that first. :)And it does add up!
 

Related to Mileage Write-Off: Is $2000 Too High?

What is a mileage write-off?

A mileage write-off is a tax deduction that individuals can claim for using their personal vehicle for business purposes.

Is $2000 too high for a mileage write-off?

It depends on the specific circumstances. $2000 may be a reasonable amount if you have a high number of business-related miles and can provide documentation to support your claim. However, if you only have a few business-related miles, $2000 may be considered too high and could potentially raise red flags with the IRS.

How do I calculate my mileage write-off?

The standard mileage rate for business use of a personal vehicle in 2021 is 56 cents per mile. To calculate your mileage write-off, multiply the total number of business miles by this rate. For example, if you drove 5000 miles for business purposes, your mileage write-off would be $2800 (5000 x $0.56).

What documentation do I need to support my mileage write-off?

If you are claiming a mileage write-off, you should keep a detailed record of your business-related miles, including the date, purpose of the trip, starting and ending odometer readings, and the total number of miles driven. You should also keep any receipts or documentation for gas, maintenance, and other related expenses.

Can I claim a mileage write-off for my commute to and from work?

No, you cannot claim a mileage write-off for your regular commute to and from work. However, if you have to travel to a temporary work location outside of your regular commute, you may be able to claim those miles as business-related.

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