Obama administration to let the oil flow

Question of the Day

Should Congress make English the official language of the U.S.?

View results

The IRS decision to boost the deduction amount mid-year underscored the popular consternation over high prices.

“This year’s increased gas prices are having a major impact on individual Americans,” IRS Commissioner Doug Shulman said.

Tax officials usually set the deduction rate at the beginning of the year, but have on occasion boosted it when prices are higher than expected. Known as the “optional business standard mileage rate,” it is one way for taxpayers to deduct the costs of operating an automobile they use for business.

The rate is still not as high as it was in the last six months of 2008, when the IRS allowed a deduction of 58.5 cents per mile.

© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.

blog comments powered by Disqus
TWT Video Picks