Where To Find IRS Mileage
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Free Gas With the New Irs Mileage Deduction!
If you are self-employed, you can use the IRS Mileage deduction to essentially get your gas for free. The deduction for mileage is such a great one, too– it is as if the IRS is giving away free gas to those who keep good records. Case in point:
If your vehicle gets 18MPG, then the 2008 IRS standard mileage deduction of 50.5 cents/mile will give you $9 in tax deductions for every gallon of gas you buy! (Just multiply 18 miles/gallon times 0.505 dollars/mile!) This means that at even the lowest combined Federal and State tax the IRS is paying for your gas! All you need for this free gas is an IRS conforming mileage log! MileageWiz Website
And the deduction just went up! The Internal Revenue Service today issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:
55 cents per mile for business miles driven
24 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
The new rates for business, medical and moving purposes are slightly lower than rates for the second half of 2008 that were raised by a special adjustment mid-year in response to a spike in gasoline prices. The rate for charitable purposes is set by law and is unchanged from 2008.
The business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half.
IRS Mileage Rate 2010, 2011
Is there a minimum gas/mileage reimbursement rate?
Is there a minimum reiumbursement rate that employers need to follow when reimbursing their employees for gas/mileage? ie: I work for a company where I feel we get reimbursed at a very low rate if we have to use our own cars to drive to appointments with. It doesn’t even cover my cost in gas, let alone wear & tear on my tires/vehicle, windshield wiper fluid (I live in a very wintery state), etc. Isn’t there some sort of minimum amount they HAVE to abide by? (kinda like minimum wage, but for gas reimbursement?) Please enlighten me! Thanks!
http://www.irs.gov/newsroom/article/0,,i…
I just found this site. Does anyone know if this is just a recommendation for mileage reimbursement or if it’s a requirement/law companies have to follow? Thanks!
I don’t believe there is a minimum for reimbursement. They don’t have to reimburse you for anything unless you have an agreement in writing for the company to do so.
Keep track of: the reason for the trip, the mileage, fuel purchases, and any other receipts. A trip log can be found at most major office supply chains. You can claim some of this at tax time and get back some of the money. Current IRS rate for mileage is 44 cents per mile ( increasing to 48 cents I believe)