IRS increases mileage reimbursements
The Internal Revenue Service has increased mileage reimbursements for business, charitable, medical and moving expenses. See IRS press release and CNN Money report Mileage write-off jumps on pricier gas.
Now, the sticking point for those living on a budget is whether they fall under the standard or itemized deduction rules. Some people are hit pretty hard on mileage expenses, but don’t qualify for that tax break.
(Update: story also is on page 6B of June 25 print and e-editions of The Monroe Evening News.)
Posted: June 24th, 2008 under Gas prices, In the News, Taxes.
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