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LegalCornerTM - Business Taxes F.A.Q.'s

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Q.What is the mileage deduction for 2008 and 2009?

A.For 2008, taxpayers can deduct 50.5 cents a mile for the busines use of a vehicle, up from 48.5 cents for 2007. The mileage deduction is 19 cents per mile driven for medical or moving purposes. The mileage deduction is 14 cents per mile for service to charitable organizations.

UPDATE:Effective July 1, 2008, the mileage deduction is increased from 50.5 cents per mile to 58.5 cents per mile.

For 2009, the standard mileage rate deduction for business use of a vehicle is 55 cents per mile. For 2009, taxpayers can deduct 55 cents per mile for the cost of operating a car, van, or light truck for business use.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.

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