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On the Money: Those miles might be deductible


This news story was published on February 14, 2012.
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By Chuck Myers, McClatchy-Tribune News Service –

You may have heard that the federal tax code allows for a mileage deduction when an automobile is used for business purposes. But did you know that there are also mileage deductions for moving, medical and charitable driving? Several Web sites spotlight the requirements and amount a taxpayer can claim on the car mileage deduction. Here are a few good Web locales, if you’re interested in the topic.

EFILE.COM

http://www.efile.com/tax-deduction/mileage-rates

Lists IRS standard mileage rates for several recent years, including 2010 and 2011.

INTERNAL REVENUE SERVICE

www.irs.gov/taxtopics/tc510.html

Details standard mileage rate deductible for business-use vehicles.

NOLO

www.nolo.com/legal-encyclopedia/top-tax-deductions-small-business-30176.html

Spotlights auto expenses deduction among key deductions for small businesses.

TURBOTAX

http://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Business-Use-of-Vehicles/INF12071.html

Good overview of business use of vehicles.

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