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, 2010
Corrected 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:
The 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.
9.00 dollars
51 cents per mile It is now 50 cents per mile for 2010 income taxes
What is the federal mileage allowance for car travel to work with non-profit organizations? What if I am a for-profit busiiness hired to work for a non-profit? Do they pay the non-profit rate or the business rate? 20
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 driven16.5 cents per mile driven for medical or moving purposes14 cents per mile driven in service of charitable organizationsDirectly from IRS.Gov website.
No -- your personal mileage is NEVER deductible. In fact, in your situation, the personal mileage use of the employer provided auto is taxable benefit. (Note: Commuting to and from work is considered personal use).
.55 per mile
Mileage allowance
Yes, it has gone up to $0.585/mile for any miles driven after 7/01/2008. The first half of 2008, January-June, mileage allowance was $0.505/ mile.
Budget rental cars can be rented without a mileage allowance for extra rental fees, though the default for a rental vehicle is to come with a mileage allowance.
The federal mileage allowance for volunteer work if $.14 per mile. All mileage can be claimed when filing your taxes.
.55/mile
9.00 dollars
51 cents per mile It is now 50 cents per mile for 2010 income taxes
How much is public mileage allowance
varies by company.
All costs associated with the vehicle, gas, oil, wear and tear and insurance are accounted for in the mileage allowance.
Yes it will. Not a huge difference, but if you put a nice dual exhaust system behind them, including a balance pipe, you will increase your horsepower and your mileage. You might expect to see 1-2 mpg.