Home / Markets / Industries / Energy
Tuesday, June 24, 2008
IRS to Change Rate of Mileage Deduction Limits
FOXBusiness
The IRS plans to raise the amount of automobile mileage that businesses are allowed to claim.
The IRS made the addition to help assist businesses and charities struggling with high gas prices. Business vehicles will now be able to claim operating costs of 58.5 cents for the last six months in 2008--up from last year’s deduction level of 50.5 cents.
Others that will also benefit from the rise in deduction levels are individuals who are moving or traveling for medical purposes. The IRS is changing the deductible for those purposes from 19 cents to 27 cents per mile.
In an interview with the Associated Press, IRS Commissioner Doug Shulman said, "Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile."
Shulman told the AP that the adjustments can be made as early as July 1.
Fox Business Video
-
-
The Business of Sports
-
Nov 7, 2009
FOXBusiness.com LIVE
-
-
-
Jim Caviezel: Hollywood and th...
-
Nov 7, 2009
Actor in life in film
-
-
-
Ticker Tape Parade Invades Downtown
-
Nov 7, 2009
Yankees celebrate 27th World Series win
-
-
-
Cavuto Business Report 11-06-09
-
Nov 7, 2009
Business Report: Cavuto
-
-
-
Pro Poker Player: $2M in 2 Months
-
Nov 7, 2009
Pro Poker player on growing success of sport
-
