mileage deduction vs actual expenses: The silver lining to the high gas prices
- 06/17/08 10:05 AM
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 … (2 comments)
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.
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