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twitterIRS boosts mileage deduction
Wednesday, Nov. 14, 2001 | 8:48 a.m.
The Internal Revenue Service is raising optional standard mileage rates on Jan. 1, primarily because of the rise in gasoline prices during the past year.
The standard mileage rate for the cost of operating a car is 36.5 cents a mile for all business trips. The rate for 2001 was 34.5 cents a mile.
The standard mileage rate for the use of a car when volunteering services to a charitable organization remains at 14 cents a mile.
Using a car for medical reasons or computing deductible moving expenses is 13 cents a mile, a penny more than the previous rate.
Further information will become available from the IRS after Nov. 26. The new rates will also be available on the IRS website (www.irs.gov).
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