Regardless of your businesses’ size, the miles put on for business-related driving have value to you. Here’s what you need to know about the previous and current mileage deductions that might be applicable to your business. 2018 Mileage Deduction A mileage deduction of 54.5 cents per mile can be applied for a business trip The mileage deduction for moving or medical-related travel is 18 cents per mile Charitable mileage deduction of 14 cents per mile You may also calculate th
The Qualified Business Income Deduction is a taxpayer deduction within the United States relating to trade or business with qualified part or services of income, gain, deductions or losses within a tax year. The Qualified Business income Deduction may also be referred to as: Section 199A Deduction Passthrough Deduction QBI Deduction. Qualifying Companies Sole proprietorship Partnership LLC S Corporation Qualifying earned income from a pass through entity sees a 20% deduction.