IRS Offers Some Relief From Pain at the Pump
The IRS offers some relief from the pain at the pump. It comes in the form of better mileage reimbursement rates. Business drivers, those with medical expenses and people who move could benefit from the change.
Like most realtors, Keller Williams Charlotte Mabry spends a lot of time on the road. Even more so these days. And as the miles add up so does the price paid at the pump. Especially for realtors just starting out. But now for realtors and anyone else who drives for business when the miles add up there's the potential to get a little more cash back. The IRS raised the mileage re-imbursement rates for business drivers 8 cents per mile for the last six months of the year. The rate for calculating deductible moving or medical expenses will also increase, from 19 to 27 cents per mile. She hopes enough to keep them on the road until the market turns around. Relief could come for charitable groups too, but Congress must pass legislation to change that rate.
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