How much does the IRS credit mileage for 1099 jobs that are driving jobs for 2008?
My husband was a contracted courier. What is the credit that the IRS gives you for each mile driven? I know that its better to claim mileage than gas receipts. I was just wondering.
Public Comments
- Nobody in their right mind would just deduct fuel, there are other expenses involved. The choices are either deduct all expenses (including maintenance and depreciation), prorated for amount of business use, or standard mileage rate (much easier). Next time you have a tax question consider searching irs.gov first. I easily found http://www.irs.gov/taxpros/article/0,,id=156624,00.html
- The 2008 standard mileage rates for the use of a car (including vans, pickups or panel trucks) is: 50.5 cents (Jan 1 to June 30) and 58.5 cents (for July 1 to Dec 31) and per mile for business miles driven. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html
