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Business & farm
your simple arithmetic is wrong 997*.655 is 663
723.12/997 = .725 cents per mile.
when using standard mileage the only other expenses that are included are business tolls (you can only enter the business portion - Turbotax does not prorate); business parking fees (same rule for tolls) and a portion of property taxes based on percent of business use. Property taxes must be based on value. flat fees are not included.
March 23, 2024
9:59 AM