Standard Mileage Deduction
| 2008 | 2007 | 2006 | |
| Business Mileage | 50.5 | 48.5 | 44.5 |
| Medical or Moving Mileage | 19 | 20 | 18 |
| Charitable Mileage | 14 | 14 | 14 |
About the Standard Mileage Deduction
The use of your automobile can be a tax deductible expense. There are a couple of options available to determine what your deduction is. The first option is to keep track of all of your actual expenses such as gasoline, repairs, and depreciation to name a few. You can then deduct a portion of these expenses based upon the percentage of your deductible miles driven compared to your total mileage for the year.
A simpler option is to use the standard mileage deduction. This method allows you to keep track of your deductible mileage and to multiply that times the stated cents per mile to arrive at your tax deduction. The above chart lists the standard mileage rates applicable for the business use of your auto, medical or moving travel, and miles expended for charitable endeavors.
You should ask your tax preparer to determine which method would be right for you.
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