The table below is from the IRS website, and provides the rates in cents-per-mile. Use the appropriate rate to calculate the amount deductible for miles driven for business purposes only.
Example:
Total Business Miles Driven in 2007 x $0.485 = Total Mileage Expense -this is the amount you will be able to record as a business deduction on your taxes.
If you would like information and rates for earlier years, please click on this link: http://www.irs.gov/taxpros/article/0,,id=156624,00.html.
The following table summarizes the optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
For the three periods beginning August 25, 2005 and ending December 31, 2006, this table also lists the rates for providing donated services to charity for relief related to Hurricane Katrina, and the amount that may be excluded from income by those reimbursed for such use.
| Applicable Period | Rates (in cents per mile) | Source |
|---|---|---|
| July 1 - December 31, 2008 |
Business 58.5 Charitable 14 Medical and moving 27 |
IR-2008-82 |
| January 1 - June 30, 2008 |
Business 50.5 Charitable 14 Medical and moving 19 |
IR-2007-192 |
| 2007 |
Business 48.5 Charitable 14 Medical and moving 20 |
IR-2006-168 |
| 2006 |
Business 44.5 Charitable contributions: (a) General 14 (b) Hurricane Katrina Deduction 32 (b) Hurricane Katrina reimbursement 44.5 Medical and moving 18 |
IR-2005-138 |
| September 1 - December 31 2005 |
Business 48.5 Charitable contributions: (a) General 14 (b) Hurricane Katrina Deduction 34 (b) Hurricane Katrina reimbursement 48.5 Medical and moving 22 |
IR-2005-99 Pub. L. 109-73 |
| August 25 - 31 2005 |
Business 40.5 Charitable contributions: (a) General 14 (b) Hurricane Katrina Deduction 29 (b) Hurricane Katrina reimbursement 40.5 Medical and moving 15 |
IR-2004-139 Pub. L. 109-73 |
| January 1 - August 24, 2005 |
Business 40.5 Charitable 14 Medical and moving 15 |
IR-2004-139 |
| 2004 |
Business 37.5 Charitable 14 Medical and moving 14 |
IR-2003-121 |
| 2003 |
Business 36 Charitable 14 Medical and moving 12 |
Rev. Proc. 2002-61 |
| 2002 |
Business 36.5 Charitable 14 Medical and moving 13 |
Rev. Proc. 2001-54 |
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