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2009 Tax Mileage Allowance

Filed under: Uncategorized — emitaliablog
Posted on July 9, 2010 @ 1:33 pm
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When it comes to deducting your mileage on your tax return, you might be looking at a rather large deduction. If it is a requirement of your job and you meet the following criteria, then you can deduct your mileage on this years tax returns.

First and foremost you must keep accurate records of your mileage for you to qualify for the deduction.

Listed below are some examples of what mileage can be recorded for this deduction:

 

  • Medical Expenses – Mileage for medical Car
    The standard rate is 24 cents per mile.
  • Charitable Donations – Mileage for charitable Organization
    The Standard rate is 14 cents per mile.
  • Job Hunting – Mileage spent on job seeking
    The standard rate is 55 cents per mile.
  • Employee Business Purposes – Mileage for using your personal vehicle for business purposes. Commuting expenses are not deductible.
    The standard rate is 55 cents per mile.

When recording your mileage you must have the following information documented and complete when preparing you tax return:

 

  • Mileage
  • Time and Dates
  • Place and Address

Once you have calculated your mileage for the year, you may be surprised as to just how much your deduction will be.

You also have the choice of deducting the actual vehicle expenses rather than the mileage. You cannot deduct both you must choose one or the other. For example the following are what types of expenses you may deduct:

 

  • Gas and Oil
  • Maintenance and Repairs
  • Tires
  • License Fees
  • Insurance

After calculating the total for both you then would choose which deduction is higher.

Visit TurboTax Online today for more information on tax mileage allowance.




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