Gasoline & Taxes

Good news for auto drivers!

While area gasoline prices have been recently falling from their highs, the Internal Revenue Service (IRS) has announced a mid-year increase to the standard mileage expense rate allowed too.

As of July 1st, 2011, taxpayers will be allowed to deduct transportation expenses incurred for business at a rate of 55 ½ cents per mile, which is up from the currently allowed 51 cents per mile.

As of this writing, prices were running $3.51 – $3.54 in Linton.  To check local prices before even venturing outside, websites such as GasBuddy are available online.