IRS has increased the standard mileage rates
The IRS has increased the standard mileage rates to be used for computing the deductible costs of operating a vehicle for business or for driving for medical or moving reasons. The new rates will apply to driving from July 1, 2011, through December 31, 2011. (more…)
Have you noticed the price of gas? So has the IRS, and — for the fourth time since 1999 — the reimbursement rate for business mileage has changed mid-year. From July 1 through December 31, 2011, the new rate is 55.5¢ per mile. That’s an increase of 4.5¢ from the January through June rate of 51¢ per mile. (more…)
You’re entitled to deduct your automobile expenses attributable to business driving. However, the tax law has several twists and turns that affect what you can deduct. (more…)
The IRS has released the annual depreciation limits for business vehicles first placed in service during 2010. (more…)
