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Beyond The Numbers November – December 2009

 

2010 Standard Mileage Rate Change

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When using a personal vehicle to conduct business, taxpayers have the option of calculating their business travel expenses or taking a standard rate per miles traveled. Deductible expenses include depreciation, gas, oil, tolls, lease payments, insurance, garage rent, parking fees, and repairs. Taxpayers must keep track of the percentage of business versus personal use of their car.

As an alternative, a standard mileage rate can be used which have the previously mentioned expenses built in. Taxpayers may not elect to use the standard rate when taking any previous depreciation expenses under MACRS or electing §179 deductions. Separate rates are used for taxpayers who use their personal vehicles for medical purposes or in service of charitable organizations.

Due to the fluctuation in gas prices over the last few years, the standard rate has also fluctuated. As of January 1, 2009 the standard rates were:

  • 55 cents per mile for business miles driven
  • 24 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Beginning January 1, 2010, the new standard rates will be:

  • 50 cents per mile for business miles driven
  • 16.5 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations
 
 
 
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