Wednesday, November 11, 2009

Money & Business

Mileage Deductions for 2007

Posted 2/6/07

Changes in Mileage Deduction Rates

 

Amount Per Mile
You Can Deduct For:
20062007
Doing volunteer work for a charity14 cents14 cents
Driving to get medical care18 cents20 cents
Moving because of a job change*18 cents20 cents
Driving on business44.5 cents48.5 cents

Note: Tolls and parking may also be deducted.

*If your employer didn't paying moving expenses.

Source: Internal Revenue Service

More information:

Further help from the IRS: A topical index of tax form instructions and IRS publications available for online viewing can help you zero in on the details of deducting car expenses.

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