Do you use the standard mileage rate to deduct your business vehicle expenses in lieu of accounting for every actual expense you incur?
The IRS recently announced that the standard rate for 2011 was increasing, but by just a penny, to 51 cents per business mile for 2011. (IRS Notice 2010-88) Tolls and parking fees for business-related travel can be added on to the total.
Also, the standard rate for the medical and job-related moving deductions for 2011 has been hiked by 2.5 cents to 19 cents per mile. But the standard rate for charitable deductions remains at 14 cents per mile.
Note: The rate for charitable driving is set by Congress, not the IRS.
- Small Business Tax Deduction Strategies No matches