OTHER NEWS - Dec. 28, 1993
From Times Staff and Wire Reports
IRS Raises Mileage Allowance for 1994: The Internal Revenue Service said motorists who drive their cars on business trips can deduct an extra penny a mile next year. The allowable expense account claim for business driving of cars will rise to 29 cents a mile. Parking fees, tolls, interest on car loans and vehicle taxes can be deducted separately in addition to the base deduction. For those who choose not to take the standard deduction, an “actual costs” method can be used to figure how much to deduct for auto use based on factors such as depreciation allowances. Motorists cannot deduct as much per mile for using cars for charitable, medical and other purposes.
