irs how much for mileage expense
Under the standard mileage rate, you deduct a specified number of cents for every business mile you drive. The IRS sets the standard mileage rate each year. Check the IRS website for the current year rate. To figure out your deduction, simply multiply your business miles by the applicable standard mileage rate. Example: Ed drove his car 2,000 miles for his real estate business in one year. To determine his car expense deduction, he simply multiplies his business mileage by the applicable standard mileage rate.