Here are the answers to
some of the most Frequently Asked Questions our firm
receives.
Q. What is the Standard
Mileage Rate for use of an automobile for
business?
A. The
standard business mileage rate in 2019 is 58 cents per
mile. An individual that either owns or leases a automobile may
deduct an amount equal to the standard mileage rate times the
number of business miles traveled. Parking fees and tolls
attributed to the use of the vehicle for business purposes may
be separately deducted.
Q. Are there other
standard mileage rates allowed?
A. Different standard
mileage rates exist for vehicle use relating to charitable
purposes and medical and moving purposes. Those rates for 2019,
are 14 cents per mile for charitable purposes and 20 cents
per mile for medical and moving purposes.
Q. Can automobile expenses
be deducted?
A. If the
standard mileage rate is not used, all operating and fixed
costs such as depreciation or lease payments, maintenance and
repairs, tires, gasoline, oil, insurance, and license and
registration fees are separately deducted. If the actual cost
is used, all actual operating and fixed costs are
deducted.
Q. How much income do I
need to file a tax return?
A. Please
see our newsletter article.
Q. What is the personal
exemption amount for 2019 and 2020?
A. Please
see our newsletter article.
Q. How much is the
standard deduction for 2019?
A. Please
see our newsletter article.