As gas prices hit $5 per gallon for the first time, IRS makes mileage deduction for gas costs more generous in rare mid-year move - MarketWatch

The new rate in July will ‘better reflect the recent increase in fuel prices,’ IRS commissioner says

The federal tax deduction that businesses and self-employed taxpayers can use for their work-related miles on the road is suddenly getting more generous, in a nod to gas prices that keep breaking rec… [+2120 chars]

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