The Internal Revenue Service has announced a year 2001 national per-mile business driving rate of 34.5 cents for the U.S. taxpayer, effective Jan. 1, 2001. The rate for 2000 was 32.5 cents.
This standard was recommended to the IRS by Runzheimer International, the Rochester, WI-based management consulting firm specializing in travel and living costs, which has provided this service since 1980. The 34.5 cents-per-mile standard is the amount the U.S. taxpayer can deduct for automobile expenses on his or her 2001 tax return for business miles driven. “To a large extent, the increase in total cost can be directly attributed to the dramatic climb in gasoline prices over the last year,” notes Adlore Chaudier, vice president, government services at Runzheimer.
Originally posted on Fleet Financials