IRS makes mileage deduction for gas costs more generous in rare mid-year move
The federal tax deduction that businesses and self-employed taxpayers can use for their work-related miles on the road is suddenly getting more generous, in a nod to gas prices that keep breaking records.
The optional standard mileage rate for business-related driving is increasing to 62.5 cents a mile, starting in July, the Internal Revenue Service announced Thursday.It’s a tax-administration tweak that will not apply to everyone, but it’s a notable development. “We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate,” Rettig said.
The new 62.5-cents-a-mile rate applies for eligible road travel from July 1 to Dec. 31. The 58.5-cents rate applies for eligible miles logged from Jan. 1 to June 30.
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IRS makes mileage deduction for gas costs more generous in rare mid-year moveThe optional standard mileage rate for business-related driving is increasing to 62.5 cents per mile, starting in July.
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IRS makes mileage deduction for gas costs more generous in rare mid-year moveThe optional standard mileage rate for business-related driving is increasing to 62.5 cents per mile, starting in July.
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