0
See
http://www.irs.gov/newsroom/article/0,,id=163828,00.html
Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: * 48.5 cents per mile for business miles driven; * 20 cents per mile driven for medical or moving purposes; and * 14 cents per mile driven in service to a charitable organization.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is the breakdown of the current IRS gas mileage allowance?
51 cents per mile It is now 50 cents per mile for 2010 income taxes
What is 2009 IRS gas mileage rate?
The 2009 IRS gas mileage rate is 58.5 per mile.
Do you have to pay tax on car allowance?
if it is strictly considered a reimbursement for using your vehicle for business use then you will not be responsible to pay taxes or even report this as income. If however, it exceeds the cost of using your vehicle for business then you will have to report this as income. For this reason you need to keep a log just like you would for deducting unreimbursed business expenses. This would be necessary in case your return was ever examined by the IRS so that you could show that through mileage or actual expenses you were reimbursed less than you would have been able to deduct if you itemized expenses. Do not take a deduction on form 2106 and receive an allowance.
Will the IRS increase the gas mileage allowance for the balance of 2008 and current years?
In recognition of increasing gasoline prices, the IRS has announced an increase in the optional standard mileage rates for the second half of 2008. The standard mileage rate for business miles driven from July 1, 2008, through December 31, 2008, will be 58.5 cents per mile, an increase of eight cents over the rate for the first half of the year. The standard mileage rate for medical and moving expenses has been increased to 27 cents per mile from 19 cents per mile. The standard mileage rate for charitable purposes, however, remains unchanged at 14 cents per mile. Rev. Proc. 2007-70, I.R.B. 2007-50, 1162, is modified.Update:IR-2010-119, Dec. 3, 2010Corrected on Dec. 13, 2010, to reflect changes for 2011WASHINGTON - The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:51 cents per mile for business miles driven19 cents per mile driven for medical or moving purposes14 cents per mile driven in service of charitable organizationsThe standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously. The IRS is requesting public comments on whether taxpayers should be allowed to use the business standard mileage rate in this circumstance.Beginning in 2011, a taxpayer may use the business standard mileage rate for vehicles used for hire, such as taxicabs.Also beginning in 2011, the standard mileage rates are announced in a separate notice, which also provides the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate and the maximum standard automobile cost for automobiles under a FAVR allowance. The IRS plans to discontinue publishing the standard mileage rate revenue procedure annually but will publish modifications as required.Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.Revenue Procedure 2010-51 and Notice 2010-88 contain additional details regarding the standard mileage rates.
Can you deduct truck payment and mileage on business taxes?
NO. Go to the IRS gov website and use the search box for Car and Truck Expense Deduction Reminders The standard mileage rate is used in place of actual expenses. Taxpayers who choose the standard mileage rate may not deduct actual expenses, such as depreciation, lease payments, maintenance and repairs, gasoline (including gasoline taxes), oil, insurance or vehicle registration fees. Business-related parking fees and tolls may be deducted in addition to the standard mileage rate. Fees for parking at a taxpayer's main place of business or tolls related to commuting to and from that main place of business are personal expenses which are not deductible. The standard mileage rate cannot be used if the taxpayer:
IRS gas mileage allowance for 2007?
According to the IRS website, http://www.irs.gov/taxpros/article/0,,id=156624,00.html) the standard mileage rate for 2007 was $.485. The amount for July 31 to Dec 31 of this year is $.585!
What is the current IRS gas mileage allowance?
.55 per mile
What is the IRS mileage allowance for large trucks?
.55 cents per mile
Is the IRS going to reduce mileage reimbursement allowance given reduction in gas prices?
That would not be unreasonable
What is included in the IRS mileage allowance Specifically is the cost od Insurance premiums included in that number?
All costs associated with the vehicle, gas, oil, wear and tear and insurance are accounted for in the mileage allowance.
When will the 2008 federal mileage allowance be increased to compensate for the rise in gas prices?
On 6/23/08, the IRS increased mileage reimbursement for privately owned automobiles to 58.5 cents.
Why does the IRS require an employee who receives a vehicle allowance for business use of personal vehicle to purchase a vehicle worth 16k new?
I don't believe the IRS has any say in the type or cost of any personal vehicle regardless of its use. The vehicle allowance is determined by the business based on their criteria.
What is the breakdown of the current IRS gas mileage allowance?
51 cents per mile It is now 50 cents per mile for 2010 income taxes
There is a similarity between a homeless man who steals five cans of tuna and a middle-class person who inflates business mileage to the IRS?
Do you think there is a similarity between a homeless man who steals five cans of tuna and a middle-class person who inflates business mileage to the IRS?
What are the elements included in the Federal Gas mileage Allowance?
The IRS mileage allowance includes all expenditures for gas, maintainance, repair, insurance and any other cost that may be associated with operating a vehicle. So if one claims the standand mileage expense, then receipts such as for gas, new tires, etc., cannot also be claimed. The taxpayer can, however, claim depreciation expense on the vehicle.
What is 2009 IRS gas mileage rate?
The 2009 IRS gas mileage rate is 58.5 per mile.
Does a job have to pay you gas money by law if you drive your own car?
Usually, an employer will request that you record your mileage when performing business functions. The mileage is then multiplied by the current IRS standard mileage rate and an expense check is issued on payday. The current IRS standard mileage rate (2007) is 48.5 cents per mile driven for business purposes. This is, of course, optional for your employer. The employer does not necessarily have to utilize the current mileage rate or reimburse you. Review your previous tax return and you'll notice a section for unreimbursed mileage. I recommend discussing the issue further with your HR representative to better determine what methods of reimbursement,if any, exist in your company.
