Learn How Much You Can Deduct for Business Miles in 2008

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If there is a silver lining to preparing your tax return, it is clearly the tax deduction. It is your primary weapon when it comes to reducing the amount you have to pay Uncle Sam. Some deductions are better than others, particularly those that increase yearly.

The mileage deduction is the most popular modified deduction. Each year it increases or decreases depending on oil prices and such. Given the gas prices this year, you can probably guess which direction the deduction is headed for 2008.

The mileage deduction is actually three in one. If you incur mileage in your car for a business purpose, you can get a deduction. Most people know about this deduction, but there are two other facets.

The first variation is mileage incurred for medical or moving purposes. Arguable, those are two different subjects, but who is going to argue with the IRS. The third variation is a deduction for mileage incurred in the service of a charity.

The IRS sets the deduction amounts each year based on the projected figures for the next fiscal year. It has just released the 2008 figures and the good news is the deduction amount for business miles has gone up.

For business mileage you incur in the 2008 fiscal year, you can deduct 50.5 cents per mile. If you drive 100 miles on business in a week, for example, you can claim a deduction of $50.50. Of course, you want to keep a running total for the year.

You would think the moving, medical and charitable rates would also increase. Alas, this is tax where common sense is only a rumor. For 2008, the charitable rate is the same at 14 cents and moving and medical actually drops to 19 cents a mile.

Since we are talking about taxes, nothing could be so simple as the above. There are relatively easy tests that have to be passed before you can claim each deduction above. Make absolutely sure you comply with them.

Aazdak Alisimo writes about taxes for BusinessTaxRecovery.com.

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MLA Style Citation:
Alisimo, Aazdak "Learn How Much You Can Deduct for Business Miles in 2008." Learn How Much You Can Deduct for Business Miles in 2008. 5 Feb. 2010. uberarticles.com. 26 May 2012 <http://uberarticles.com/miscellaneous/learn-how-much-you-can-deduct-for-business-miles-in-2008/>.

APA Style Citation:
Alisimo, A (2010, February 5). Learn How Much You Can Deduct for Business Miles in 2008. Retrieved May 26, 2012, from http://uberarticles.com/miscellaneous/learn-how-much-you-can-deduct-for-business-miles-in-2008/

Chicago Style Citation:
Alisimo, Aazdak "Learn How Much You Can Deduct for Business Miles in 2008" uberarticles.com. http://uberarticles.com/miscellaneous/learn-how-much-you-can-deduct-for-business-miles-in-2008/

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