It\u2019s no secret that most small business owners are operating with limited budgets.\u00a0 If you aren\u2019t taking advantage of mileage deductions, you might be missing out on a valuable opportunity to slash your tax bill this spring.<\/p>\n
Whether you drive your personal vehicle to meet with clients, attend trade shows, purchase supplies, or pursue continuing education related to your career choice, we all know the IRS allows you to deduct a portion of this mileage from your annual tax burden. As of 2016, individuals driving their\u00a0vehicles for business can deduct 54 cents for every mile traveled.\u00a0 Following is a table of the different types of services for which mileage deductions are allowed with years & the Cost Per Miles (CPM) in cents:<\/p>\n
| Period<\/th>\n | Business<\/th>\n | Charity<\/th>\n | Medical Moving<\/th>\n<\/tr>\n |
|---|---|---|---|
| 2010<\/td>\n | 55<\/td>\n | 14<\/td>\n | 16<\/td>\n<\/tr>\n |
| January 1 – June 30 2011<\/td>\n | 51<\/td>\n | 14<\/td>\n | 19<\/td>\n<\/tr>\n |
| July 1 – December 31 2011<\/td>\n | 55.5<\/td>\n | 14<\/td>\n | 23.50<\/td>\n<\/tr>\n |
| 2012<\/td>\n | 55.5<\/td>\n | 14<\/td>\n | 23<\/td>\n<\/tr>\n |
| 2013<\/td>\n | 56.5<\/td>\n | 14<\/td>\n | 24<\/td>\n<\/tr>\n |
| 2014<\/td>\n | 56<\/td>\n | 14<\/td>\n | 23.50<\/td>\n<\/tr>\n |
| 2015<\/td>\n | 57.5<\/td>\n | 14<\/td>\n | 23<\/td>\n<\/tr>\n |
| 2016<\/td>\n | 54<\/td>\n | 14<\/td>\n | 19<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n You don\u2019t have to decide what mileage to track, track it all. Since volunteer mileage is also deductible, if you track all you mileage and then separate the personnel you will be ahead.\u00a0 Here are just a few of the travel types considered deductible:<\/p>\n
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