IRS increases business mileage rate

| Thursday, November 02, 2006

If you use your personal vehicle to support your trucking business, you'll see a slightly bigger tax deduction for mileage next year.

According to The Associated Press, the Internal Revenue Service will raise the business mileage allowance for the 2006 tax year from 44.5 cents to 48.5 cents per mile.

Unfortunately, the allowance doesn't pertain to your truck - just to personal vehicles that are used for business.

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