Archive for the ‘Auto mileage’ Category
Standard Mileage Rate Set for 2010
by P. Lewis RobinsonDec
8
The IRS announced the standard mileage rates for use a vehicle for certain purposes in 2010.
•For business driving, the rate is 50¢ per mile (down from 55¢ per mile in 2009). This rate can be used by employers to reimburse employees under an accountable plan, eliminating the need to substantiate the cost of the business driving.
•For medical and moving, the rate is 16.5¢ per mile (down from 24¢ per mile in 2009).
•For charitable driving, the rate remains at 14¢; this rate is fixed by law and is not adjusted annually by the IRS.
When a vehicle used for business driving is owned, rather than leased, the deemed depreciation rate for 2010 is 23¢ per mile (up from 21¢ per mile in 2009). For example, if a self-employed individual drives her personal car for business 10,000 miles in 2010, she must reduce the basis of the vehicle by the deemed depreciation amount of $2,300 (10,000 miles x 23¢).
Source:IR-2009-111; Rev. Proc. 2009-54
12/1/08 – Business Standard Mileage Changes for 2009
by P. Lewis RobinsonDec
10
Business standard mileage rate for 2009 decreases; other rates also decrease:
IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 55¢ per mile for business travel after 2008. That’s 3.5¢ down from the 58.5¢ allowance for business mileage in the last six months of 2008. Further, the rate for using a car to get medical care or in connection with a move that qualifies for the moving expense deduction is 24¢ per mile, down 3¢ from the 27¢ per mile allowance for the last half of 2008. Rev Proc 2008-72, 2008-50 IRB , IR 2008-131
Source:
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RIA Daily Updates – 11/25/2008 |
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