tax deduction

When gas prices rose in 2008, one of the few bits of good news was that the federal government was bumping up the business mileage deduction to 55 cents per mile. Now that gas prices have stabilized in 2009, the Internal Revenue Service has reportedly decided to cut back on some of its ...

One of the interesting tidbits revealed by President Obama during Monday's press conference on the auto industry was the announcement of a tax deduction for sales tax on new vehicle purchases. Later in the day, the Internal Revenue Service made the money saving incentive official and fleshed out ...