Our Dear Uncle Sam thought long and hard and came up with a nice solution to the misery of the expense related to operating a vehicle for business.
You can take the deductions for expense or a mileage deduction.
The mileage deductions for 2011 was set in 2010 but a mid-year change was announced in June.
The rates for business miles driven and moving and medical miles both have gone up!
Yippee (for those who take the deduction anyway)!
Here are the rates and you can read all about it.
The first 6 months - www.rc123.com/2011_mileage_tax_deduction
The mileage deduction allowance rate for July 1, 2001 until December 31, 2011
http://www.rc123.com/2011_mileage_tax_deduction_after_july1.html
It's worth the read.
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