Higher mileage rate may mean larger tax deductions for business miles in 2019

Higher mileage rate may mean larger tax deductions for business miles in 2019This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018.