As of July 1st, the IRS has retooled its gas price deduction for business vehicles. If you commute to work or use your car for work, now you’ll be able to write off a few more cents for each mile you travel. See, they care a little.
Previously, the allowable deduction was fixed at 50.5 cents per mile. That just got jacked up (off?) to 58.5 cents.
Not sure if this is related to rising gas prices, although it seems like almost everything is, but the IRS is also increasing the rate for calculating medical deductibles and moving expenses. From 19 cents to 27 cents per mile. This got me thinking…
Is there a tax loophole out there where I can ‘claim’ I ‘moved’ everyday? Whether the terminology of ‘moving’ includes recurring errands like running to Rite Aid for condoms and to 7-11 for Slurpees (I lead a very exciting lifestyle), is up to a federal audit committee to decide.
In a typically callous and harsh move by the IRS, they included a cute little chart showing the rate increases in a helpful ‘How to file deductible expenses’ page on their website. The cruel part is how they also felt the need to mention that miles traveled for charitable purposes HAVE NOT and WILL NOT increase. Those heartless bastards.