IRS Announces 2015 Mileage Allowances
Friday, December 19, 2014
The IRS has updated the standard mileage rates for 2015. Remember you can claim a deduction on your personal returns for business miles that you drive in your personally owned vehicle. You just need to keep a log of the date, where you went and the total miles. You can buy a small log book to keep in the vehicle or you can just use a small pocket notebook as well.
The new rate for business mileage is slightly higher than it was last year. Beginning on January 1, 2015, the standard mileage rates for business mileage is 57.5 cents per mile.
If you dont think that's worth dealing with, consider the numbers. If you put 2000 miles on a personal vehicle for business perposes, that means you could recieve a tax deduction of 2000 miles x 57.5 cents/mile = $1150.00. If you're in a 28% tax bracket, that would be a direct savings on your Federal income taxes of $322.00.
If you're going to drive the miles, claim the deduction.