Claiming The Current Mileage Tax Rate for 2009, 2010

When claiming mileage as a deduction you will have the choice of deducting either the mileage, or your actual vehicle expenses. There are different requirements for each that you’ll have to keep in mind when filing.

For example, the requirements for the mileage deduction are as follows:

 

It must be a requirement of your job to use your personal vehicle for work.

 

You must keep accurate records that include the total mileage for each use, the time, date, place, and the address.

Also, depending on the type of business there are different rates that apply for that specific use. For example:

 

Medical expenses may be calculated at 24 cents a mile.

 

Charitable donations may be calculated at 14 cents a mile.  

 

Job hunting mileage maybe calculated at 55 cents a mile.

However if you are wondering which deduction will benefit you more, you will have to keep accurate records of both your mileage and actual vehicle expenses.

In deducting actual vehicle expenses the following expenses would apply:

 

Gas and oil

 

Maintenance repairs

 

Tires

 

License fees
Once you have calculated the mileage deduction and the actual vehicle expenses then you can make the choice of which to deduct on your taxes. Keep in mind that you may only deduct one or the other. The larger of the two amounts will benefit you more.

Visit TurboTax Online today for more information regarding claiming the current mileage tax rate. TurboTax Online has live support service that will answer any questions you may have.