The current allowable mileage deduction amount is 58.5 cents per mile. This is due to an increse in mid 2008 that attempted to follow the trend in rising gas prices. It was previously at 50.5 cents per mile. You are currently able to deduct expenses related to cost of your car for business purposes. There [...]
The current allowable mileage deduction amount is 58.5 cents per mile. This is due to an increse in mid 2008 that attempted to follow the trend in rising gas prices. It was previously at 50.5 cents per mile. You are currently able to deduct expenses related to cost of your car for business purposes. There are two different ways to deduct these expenses:
You need to keep excellent record no matter what method you use. The IRS does not consider travel from home to work as work related. You must be able to provides dates of travel along with the reason for the travel and either amount spent on gas or miles driven. You may want to try and figure your deduction using both methods and see which one allows you a larger deduction. If your company owns your vehicle then you may not deduct any related expenses to that vehicle.
TurboTax online offers free deduction calculators to help you get the most savings this tax year.
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