As defined by the Internal Revenue Service, the optional standard mileage rate for 2012 is 55.5 cents per mile. The rate is defined as optional because a business or taxpayer might, instead, use the actual cost of using and maintaining a vehicle for business, medical, moving or charitable purposes.
Taxpayers typically fill out Form 1040 when they want to deduct various items from their taxes. In this case, when you want to deduct energy-efficient appliances from your taxes, on line 52 of the 1040, you can claim or enter the amount of deduction taken from Form 5695.ill out Form 5695, which is called the Residential Energy Efficient Property Credit. In order to claim an appliance for a deduction in 2011, for example, the product must have been âplaced in serviceâ and used in 2011.
You can deduct half of the cost of your meals, or if you donât want to keep a lot of records, you can base your deduction on the standard meal allowance for federal workers, which is $46 per day, as of tax year 2012.Special rates may apply for exceptionally expensive areas.f you take your own car, you can either deduct the standard federal mileage rate (55Â½ cents per mile, as of this writing in March of 2013), or you can deduct actual expenses. You can also deduct rental car fees.