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Get a Bigger Tax Deduction When You Drive for Work

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Drivers caught a uncommon midyear break from the Inside Income Service when the company raised the standard mileage deduction for the remainder of the yr in response to larger fuel costs. 

The speed change will profit self-employed taxpayers who drive for work. Efficient July 1, the speed used for calculating enterprise tax deductions for driving on the job was elevated to 62.5 cents a mile, for the ultimate six months of the yr, up from 58.5 cents for the primary half of the yr.