Since July 1, 2011 the standard mileage rate has been
55.5 cents per mile.
If you own a vehicle, you can use this deduction
beginning with the first year that you place your vehicle in service. If you
are leasing your vehicle, and use this deduction, you must use it for the
entire period that you lease the vehicle for. This means that you cannot switch
between the standard mileage deduction and the actual expenses deduction.
With the standard rate, you can deduct miles driven as
well as toll expenses and parking fees. You cannot deduct depreciation
expenses, fees for leasing and renting or vehicle operating expenses.
