Tax Deduction for Use of Personal Vehicle

(from Christine O’Connell, URA Executive Board member for Off-Campus & Extension)

Just a reminder, since the University chooses to reimburse only at .31/mile and the current IRS mileage reimbursement rate is .55/mile, you can deduct the difference of 24.5 cents/mile off your taxes for all the miles that you’ve driven for 2011. For some of us who put significant mileage on our personal vehicles for University purposes, this can add up to be a large number. I know that I personally drove approximately 1,800 miles last year and am sure that there are others that have driven more than that. Especially if you are in the southern counties of the state, where distances seem to be farther apart, please keep track of ALL the miles you drive and deduct the difference! You can use copies of your TABERs to document your miles. It’s YOUR money; don’t let the IRS or Rutgers keep any more of it than they already do!!!