MILEAGE DEDUCTION INCREASE
June 26, 2008 by Lovely · Leave a Comment
The Standard deduction for mileage was raised from 50.5 to 58.5 cents per mile — a help to offset continuing rising gas prices.
The mileage increase goes into affect July 1, 2008.
The term Standard Deduction refers to business use of a personal vehicle. But, did you know that deductions also exist if you drive for charitable reasons (14 cents per mile), and for moving (27 cents per mile)?
Check with your tax professional or the IRS for complete details.
