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New Tax Rule #2: New Mileage Deductions

Deducting miles driven for work or other purposes can be a huge tax break and save you significant money. The IRS-allowed standard mileage deduction rates for 2009 work like this:

• The deduction for business mileage is $.55 per mile
• The deduction for medical and moving purposes is $.24 per mile
• The deduction for miles driven related to charitable work is $.14 per mile.

Next: New Tax Rule #3