What is the standard mileage deduction?
What is the standard mileage deduction? For the 2022 tax year, there are two standard mileage rates for business use: The rate was set at 58.5 cents per mile from Jan. 1 through June 30, then raised to 62.5 cents for the remainder of the year. 1. For the 2023 tax year, the standard mileage rate for business use is 65.5 cents per mile.
How much can you claim home office without receipts?
Simplified home office deduction You can deduct $5 per square foot, up to $1,500 or 300 square feet, per year for your exclusive home office space if it's used for the full year. If you only use that space part of the time, then you prorate that amount, Tippie said.