2011, 2012 Tax Mileage Allowance

When it comes to claiming your IRS tax mileage allowance on your tax return, you might be looking at a rather large tax deduction. If it is a requirement of your job and you meet the following criteria, then you can claim a mileage deduction on your income tax return.

First and foremost you must keep accurate records of your mileage for you to qualify for the IRS mileage tax deduction.

IRS Mileage Allowance for Mileage Tax Deduction:

• Medical Expenses – Mileage for medical Car
  The standard rate is 19 cents per mile.

• Charitable Donations – Mileage for charitable Organization
  The Standard rate is 14 cents per mile.

• Job Hunting – Mileage spent on job seeking
  The standard rate is 51 cents per mile.

• Employee Business Purposes – Mileage for using your personal vehicle for business purposes. Commuting expenses are not deductible.
  The standard rate is 51 cents per mile.

IRS Mileage Allowance 2011, 2012 Instructions and Documentation:

• Mileage
• Time and Dates
• Place and Address

Once you have calculated all of your IRS vehicle expenses and mileage for the year, you may be surprised as to just how much your IRS mileage tax deduction will be.

You also have the choice of deducting the actual vehicle expenses rather than the standard IRS mileage rate. You cannot deduct both, you must choose one or the other.

IRS Mileage Vehicle Expenses you may Deduct:

• Gas and Oil
• Maintenance and Repairs
• Tires
• License Fees
• Insurance

After calculating the total for both, then you would choose if the IRS mileage rate or actual vehicle expenses tax deduction is higher.

Visit TurboTax 2011, 2012 for more information or to claim the IRS mileage tax allowance.