Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Award-winning PDF software

review-platform review-platform review-platform review-platform review-platform

Video instructions and help with filling out and completing Why Form 5495 Mileage

Instructions and Help about Why Form 5495 Mileage

Music, hi and welcome to the Everlast channel. This is episode 2, and this week we're talking about the 2017 standard mileage rate that just came out from the IRS. We'll also be answering the question of the week from Jacob, which is the difference between standard and actual mileage. Now that the 2017 IRS standard mileage rate is out, we see some different mileage rates for work. For medical and moving, it's 53 and a half cents per mile. For charity, it's 14 cents per mile. These rates have actually decreased from 2016 due to the standard deduction calculation of the IRS, which includes maintenance, car gas, oil repairs, and other factors that have been depreciated. Now, let's address the question of the week. What's the difference between standard and actual mileage? The standard mileage rate is the calculation made by the IRS and is used by apps like ours or other mileage tracking apps. These apps have already integrated the standard mileage rates into their systems. All you need to do is record the date, time, mileage, trip destinations, and the app will make the calculation. On the other hand, actual deductions require a bit more work. Unlike the standard deduction, which has gas and depreciation already built in, actual deductions require you to keep track of your mileage, car repair expenses, gas, oil, and maintenance costs. It's a more detailed breakdown, and we'll provide a list of deductions in the description below. Being more diligent about tracking these deductions may result in a higher deduction at the end of the year. Thank you very much for watching the video. Give it a big thumbs up if you liked it, subscribe to our channel, and feel free to ask any questions below. Bye.