IRS Tax Deduction of Vehicle Expenses: Cents-per-Mile or FAVR?

The IRS offers two primary methods for claiming vehicle expenses: the standard mileage rate and the fixed and variable rate (FAVR) method. Which Method is Right for You?

CRA Kilometre Rate: Per-KM Allowance in Canada 2023

The CRA Kilometre Rate is the standard mileage rate published by Canada Revenue Agency (CRA) for the purpose of calculating the deductible costs of operating a vehicle for business purposes. The CRA standard mileage rate is higher in the territories compared to the provinces. This is due to the higher

IRS Mileage Rates 2023

IRS standard mileage rates are meant for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purpo