IRS raises mileage deduction to reflect higher gasoline prices

06/24/2008 | Los Angeles Times (tiered subscription model)

The Internal Revenue Service has raised the automobile mileage rate that businesses and others can claim as tax deductions from 50.5 cents per mile to 58.5 cents. The move is a direct response to skyrocketing gasoline prices, the IRS said. "Rising gas prices are having a major impact on individual Americans," IRS Commissioner Doug Shulman said.

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