Sitting in traffic,bad drivers, stop go, stop go - those are all acceptable reasons to hate spending more time driving your car than you have to. More driving means more money on gas, excess miles and more of the natural wear and tear that we are already desperately trying to avoid. However, I may have some good news that may not rid the streets of the 5mph drivers or make the light turn green any faster - but it just might ease the pain!
Your mileage may be deductible for business trips, visits to the doctor, pharmacy, and moving if you can itemize your deductions. You can’t deduct commuting mileage but just remember to write everything down! Worst case scenario your friends make make fun of you for keeping a 'dorkie' mileage log book - but you'll be having the last laugh.
For 2010 and 2011 the mileage rates that are in effect are as follows:
· Charity 14 cents per mile
· Moving 19 cents per mile
· Medical 19 cents per mile
· Business Mileage: 51 cents per mile
For more information on how Mileage Credits work watch my Mileage Credit Tax Tip Video!