NEWS

IRS Lowers Business Mileage Deduction

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When taxpayers scramble to finish their returns this April 15, they will see a 9% cut in the business mileage deduction from 55 cents per mile to 50 cents per mile.

The Internal Revenue Service also announced that those who moved for work or counted travel as a medical expense will see a reduction from 24 cents per mile to 16.5 cents.

The reductions could have a noticeable impact on those who rack up a hefty number of miles as a business expense. This includes things like delivering pizzas, attending meetings, driving to the post office and anything else where traveling by car is a part of your job.

But before you go muttering darkly about the IRS, keep in mind that the feds bumped up the mileage deduction in 2008 because of the sharp rise in gas prices.

IRS to Reduce Mileage Deduction for 2010: Will You Owe More? (WalletPop.com)

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