business expenses: IRS Raises Gas Mileage Tax Deduction
- 06/26/11 03:37 AM
IRS Raises Gas Mileage Tax Deduction In a rare midyear move, the Internal Revenue Service is increasing the tax deduction you can take for using personal vehicles for business. On July 1, if you use your personal vehicle for business, you’ll be able to deduct 55 cents a mile from your taxable income. That marks a 4-cent increase from the beginning of this year. While the IRS normally updates mileage rates once a year during the fall for the next calendar year, the tax agency decided to raise the gas mileage tax deduction earlier due to high gas prices. (The average … (3 comments)
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Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910
IRS Raises Gas Mileage Tax Deduction
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