I am often required to travel for work and I would like to deduct my gas expenses from my tax return. What is the standard IRS gas reimbursement?
You can only deduct gas expenses if you use your vehicle to drive for your job. The expenses you deduct must relate to the following :
- Main job
- Second job
- Both jobs
You can usually deduct unreimbursed vehicle expenses using one of these methods:
- Standard mileage rate — $0.575 per mile in 2020. If you use the standard mileage rate, you will not qualify for the IRS gas reimbursement and therefore cannot deduct the gas separately.
- Actual vehicle expenses
Divide the expenses between personal and business use based on the miles you drove both. ways. Report these expenses on Form 2106.
Learn more about Georgia tax pertaining to due dates, how to pay and how much you may owe, with help from the tax pros at H&R Block.
The IRS provides a tax break for people paying down their student loans. Learn more about deducting student loan interest with the experts at H&R Block.
Looking for more information about your Virginia refund? Find out details on how to check your refund status, who to contact, and more from H&R Block.
Can you deduct job hunting expenses from your taxes this year? Learn more from the tax experts at H&R Block.