Racking up the Miles - Tax Tip of the Week

If you use your car or truck in your job or business, and are not reimbursed for the expenses, you probably know you are entitled to take a mileage deduction for the business miles that you drive. You may not be aware, however,  there are other possible mileage deductions as well.The 2009 Business mileage deduction is 55¢ per mile.Medical MileageA medical mileage deduction is usually a difficult deduction to take because you can only deduct the out-of-pocket medical bills that exceed 7.5% of your income.  If you have the misfortune of having medical expenses this high, it means you probably drove a lot of miles to doctors, hospitals, therapy centers, pharmacies, etc.  The mileage deduction can be added to all of your other expenses. The 2009 Medical mileage deduction is 24¢ per mile.Moving MileageIf you move more then 50 miles from your current residence to a new residence because of a job change, and are not reimbursed, you may qualify for a moving expense deduction.  You can add the mileage expense deduction for one trip by each member of the household to the new home.The 2009 Moving mileage deduction is 24¢ per mile.Volunteer MileageIf you use your vehicle in any type of charitable or volunteer capacity, you can add the volunteer mileage deduction to any other charitable cash donations that you may give.The 2009 Volunteer mileage deduction is 14¢ per mile.As always, the IRS requires that you be able to substantiate any type of mileage deduction taken.  So keep good records, and be sure you write off as many miles as possible.We are "driven" to minimizing your tax exposure!Call us with any questions. In Dayton, call 937-436-3133 and in Xenia, call 937-372-3504. Or visit http://www.bradstreetcpas.com....until next week.