IRS announces 2010 Mileage rates

2010 IRS Mileage Rate drops 9% from 2009 Level

The 2010 IRS mileage rate for business mileage is 50 cents; find more, including rates for medical/moving and charitable miles at:
http://www.irs.gov/newsroom/article/0,,id=216048,00.html

The IRS Mileage Rate for 2009 was 55 cents, a full 5 cents higher. According to the IRS, the reduced 2010 rate reflects generally lower transportation costs compared to 2009.

The business mileage reimbursement rate is used to calculate the deductible costs of operating a car (also vans, panel or pickup trucks) for business. The IRS releases a new federal mileage rate at least once a year. The 2008 standard mileage rates were the highest ever. The standard mileage allowance is provided as an option for deducting costs associated with vehicle operation. Visit www.irs.gov for more details on rules surrounding the IRS mileage rate.

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