What Is The Mileage Deduction For 2024. New delhi, jul 14 (pti) doubling standard deduction to rs 1 lakh, increasing tax break on interest paid on housing loan and rationalisation of capital gains tax regime. You can use this mileage reimbursement calculator to determine the deductible costs associated with running a vehicle for medical,.

The irs increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 67 cents per mile driven, up 1.5. Keeping in mind the increase in personal expenditure it is popularly expected to enhance the standard deduction to rs 1 lakh from the existing limit of rs 50,000,.