How much does IRS allow for mileage please? anyone?

I just did 77 miles yesterday for 2 $15.00 shops, and paid $3.90 per gallon of gas.

I'm wondering if anyone knows how much IRS allows per mile?

Thanks in advance.

S.

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If you are doing 2011 taxes, it was 51 cents per mile from 1/1/11 to 6/30/11 on 7/1/11 it went up to 55.5 cents per mile. For the first half of 2012 it is still at the 55.5 cents per mile level but if gas prices stay high or go higher, it may go still higher on 7/1/2012.
shoppinalong: Unless you had some personal business to drive that 77 miles, you did not make much money on that trip. Although, IRS allows you 55.5 cents/mile you also spend about 20-25 cents/mile on gas+wear and tear on your car. Also, it must have taken you about 1.5 - 2 hr to drive + 0.5 hr in the shops + 0.5 hr on reports.

Edited 1 time(s). Last edit at 03/20/2012 04:48PM by anakin.
Well you're right about the driving time and the time in the shop, but
Yikes! you only spend a 1/2 hour on the reports - egads - it's taking me more than an hour on one report !
shoppinalong Wrote:
-------------------------------------------------------
> I just did 77 miles yesterday for 2 $15.00 shops,
> and paid $3.90 per gallon of gas.
>
> I'm wondering if anyone knows how much IRS allows
> per mile?
>
> Thanks in advance.
>
> S.
I HAVE BEEN SELF-EMPLOYED, 1099 FOR 27 YRS. I FIGURE I USE MY CAR 70% FOR BUSINESS AND DEDUCT 70% OF ALL CAR EXPENSES - INS,MAINT. GAS.
SUSAN
Shoppingalong: I did not know what kind of shops you did. Some of the shops do require only 15 mins.

Anyway: My general rule of thumb is more than $1/mile for shops. I just accepted and then declined the shop after seeing their form. For $10 they wanted a Ph. D. dissertation type report.
anakin Wrote:
-------------------------------------------------------
> Shoppingalong: I did not know what kind of shops
> you did. Some of the shops do require only 15
> mins.
>
> Anyway: My general rule of thumb is more than
> $1/mile for shops. I just accepted and then
> declined the shop after seeing their form. For
> $10 they wanted a Ph. D. dissertation type report.

Thanks Anakin (and Flash) Interesting to figure $1 per mile - good way to figure out whether you're losing or making money - but I'm really not counting the time I put in on the reports - that's my fault because I'm a newbie and being very careful to try to get the details right - as I said before I read everything and then probably read what I've written a second and third time to add or change detail. My bad :-) see I just did it again and edited grinning smiley

Edited 1 time(s). Last edit at 03/22/2012 04:14PM by shoppinalong.
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