IRS mileage right off?

Question

If one would right off 100 miles how much money would that be.

Answer 1

Depends, business mileage is 48.5 cents per mile, medical/moving is 20 cents per mile, and charity is 14 cents per mile. So depending on what type of driving it's for, it could be the following:

Business - .485 = $48.50 for 100 miles
Medical/moving - .20 = $20.00 for 100 miles
Charity - .14 = $14.00 for 100 miles

Medical & charity don't do you any good if you don't itemize. Moving will be part of moving expenses deducted on page 1 of 1040. Business mileage could be reported on Schedule C, or E, or F, or could be part of Form 2106 - Employee business expenses, which then carry over to Schedule A, but has to exceed 2% of AGI for the excess to be deductible. These numbers are for 2007, which is the year I'm assuming that you are asking about. If it's 2006, business mileage was .445 cents per mile, and medical/moving was .18 cents per mile.

Answer 2

At 48.5 cents a mile, this year's amount, would be $48.50 deduction. The amount of taxes actually saved depends on your tax bracket: in a 15% bracket you'd save $7.28, in a 25% bracket the tax savings would be $12.13.