Thursday, December 3, 2009

IRS Announces 2010 Standard Mileage Rates

The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business.

Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 50 cents per mile for business miles driven.  This is a reduction from the 2009 rate of 55 cents per mile.  The mileage rate for 2010 reflect generally lower transportation costs compared to a year ago. It is based on an annual study of the fixed and variable costs of operating an automobile.

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