[BroadHopper]

I think it is $.565/mile this year. If your employee reimburse you for less than that, you can qualify to deduct the difference.

Originally Posted by Shreddy

Pending you're not reimbursed for those miles, maybe because you're self-employed or simply your employer won't reimburse, you get a tax deduction at $.555/mile. Driving 800 miles per week would equate to a $444 deduction.

So, if you're in a 25% tax bracket (hypothetically speaking), you'd be incurring a $111 tax break.

Now, that $175 bones is more realistically $64 bones in this case. Obviously, if you're in a higher tax bracket you'll get a bigger break and vice versa being in a lower tax bracket.

Just figured I'd shed some positives... As always, everyone's situation can be different and I cannot be relied upon for the above information. However, generally speaking those rules apply to most individuals.