For 2023, the mileage rate is 65.5 cents per mile. This amount increases to 67 cents per mile for 2024. For more information, refer to IRS Publication 463, Travel, Gift, and Car Expenses.
You report vehicle miles for your vehicle against self-employment income in your 1040 tax return. You will be given the option of a standard mileage deduction or claiming actual expenses.
Vehicle standard mileage deduction may be entered against self-employment income by following these directions:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages and income.
- Scroll down to Self-employment. Click the down arrow to the right of Self-employment income and expenses.
- Click Edit to the right of the self-employment activity.
- Scroll down the expenses and click Add expenses for this work.
- Click the radio button to the left of vehicle expenses. Click Continue.
- At the screen Here’s your xxx info, scroll down to vehicle expenses. Click Start/Edit/Review to the right.
- At the screen Vehicle Summary, click Edit to the right of the vehicle to be edited or follow the directions to correct or update the expense.
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