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Even after a hike, the IRS mileage rate hasn’t caught up in decades
The federal mileage deduction is supposed to be a simple proxy for what it really costs to put a car on the road for work.
Gas prices at $5 a gallon and much higher have driven even the IRS to take notice. Beginning July 1, the Internal Revenue Service is pushing up its optional standard mileage rate for business use to ...
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