Mileage Expense

[snow_lynx]

To anyone who does their own taxes:

What is the claim per mile again? $0.37?

EDIT: Okay, now that we've gotten that figured out ($0.405/mile, TY txreisinde!), anyone know what the personal business per diem is? I think it was $40/day, with 75% first/last day, last year, but don't know what it is this year. I can always just tally the days and ask H&R

Comments

[gem_handler]

It may be up to $0.38/mi now. But, if you've kept reciepts, you might be able to get a bigger deduction from a proportional business use percentage of your vehicle than straight mileage. I know I usually was.

If you haven't kept reciepts, but have a log of the miles, use the mileage.

[snow_lynx]

I have mileage logs and toll receipts... I'll ask H&R Block which would yeild me better. I've now SOLD that vehicle, so.

Would be GREAT if it's up to 38 cents! This NYC trip SLAYED me.

Thanks!

You're in luck

[txreisende]

They raised the mileage claim rate for 2005 to $0.405 per mile.

http://www.irs.gov/newsroom/article/0,,id=131232,00.html

Hope it helps :)

Re: You're in luck

[snow_lynx]

Woohoo!!!!!!!!!!!!!! Yes, it does! Thank you!

Re: You're in luck

[gem_handler]

HA! they did go up. Good for us!