Deduction from business driving.
A worked example
Starting figures
- Business miles
- 8,200
- Rate per mile
- 0.67
- Marginal rate
- 24%
What it returns
- Deduction
- $5,494
- Tax saved
- $1,318.56
- Per month
- $457.83
How to read the results
With the defaults above, deduction works out at $5,494.