The silver lining to rising gasoline prices is a bigger tax deduction for businesses. The IRS has raised the milage deduction for business use of a car from 37.5 cents a mile to 40.5 cents. That's the biggest one year change ever. It takes effect January 1.
It could make driving more economical than flying. A 300 mile roundtrip will mean a reimbursement of $121.50.
You also get higher deductions for moving expenses and travel for medical care. (IRS & Al's Morning Meeting)
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