![]() Health Insurance Premiums and Medical Costs (Deducted on Your Form 1040) The 2023 standard mileage rate is 65.5 cents per mile. As it turns out, the standard mileage rate is pretty generous unless you drive a gas guzzler. Option 2 is called the standard mileage deduction, and it usually saves drivers more money at tax time than itemizing all car expenses. It’s complicated, so most people choose Option 2, which involves tracking only your mileage. Option 1 involves tracking all the expenses you put toward your vehicle throughout the year and keeping track of a lot of receipts. Your actual car expenses, like the cost of gas, maintenance, insurance, car payments, and depreciation, orĪ standard amount for every mile you drive. ![]() You have two options when it comes to this 1099 deduction: Get it today!) Top 1099 Tax Write-Offsįirst on the 1099 deduction list for self-employed workers: Mileage. (Don't forget, the FREE Stride app can help you save thousands of dollars on your tax bill and hours of tax prep time by automatically tracking your miles and expenses, surfacing money-saving deductions, and getting your forms IRS-ready. If you use software like TurboTax, the software will prompt you for the expense category totals and input them into the Schedule C for you. When you file in April, you’ll total these expenses per category and list them on your Schedule C (the Stride app does this math for you). ![]() ![]() Tip: As you track business expenses, make sure you keep proof in the form of receipts, bank statements, and mileage logs (or a tracking app like Stride). ![]()
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