As of July 1, 2008 the business mileage rate for tax purposes was 58.5 cents per mile. It was 50.5 cents per mile for the first six months of 2008.

 

In 2009 it is currently set at .50 cents per mile.

 

Businesses are required to track their business miles to back the percentage of total miles you claim as business related.  You are allowed to only track three months of the year and use that percentage for the full year. 

 

Taxpayers that utilize vehicles for their business can elect at the time the automobile is put into business use whether they want to use the mileage rate as a business deduction or the "actual" cost of the vehicle and all associated expenses.