The standard rate allowed by the Internal Revenue Service for the business use of an automobile in the year 2011 is 51 cents per mile. (The rate for the year 2010 was 50 cents per mile.) In addition to the standard rate of 51 cents per mile, you are also allowed to claim an expense for parking fees and tolls associated with the business use of your car.
An alternative to the standard rate per mile is to compute the business portion of the actual expenses for gasoline, repairs, insurance, depreciation, licenses, etc.
You can learn more about income tax issues at www.irs.gov.
About the Author: Harold Averkamp (CPA) has worked as an accountant, consultant, and university accounting instructor for more than 25 years.
He is the author of the 2010 Master Accounting Download Package which has been praised for it's ability to simplify accounting in a way that anybody can understand.
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