Until now, I had been tracking my mileage and taking a per mile deduction on my taxes for the real estate business related miles that I drive.
I had a thought the other day and called my accountant to verify. It looks like even though gas prices have escalated 400% in the past year, the IRS has only raised the per mile deduction by a couple of cents. Therefore, it has become MUCH more advantageous to take a deduction for actual auto expenses instead of the per mile deduction.
Talk with your accountant or check it out on your own; but it seems like this change could have a significant impact on my bottom line for the year and is a welcome bit of good news in these otherwise tough times. Now I don't feel as bad about paying $5 / gallon since at least it's $5 / gallon tax deductible.