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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.
2011 info
IR-2010-119, Dec. 3, 2010
Corrected on Dec. 13, 2010, to reflect changes for 2011
WASHINGTON - 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 driven
- 19 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
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.
IRS Announces 2010 Standard Mileage RatesIR-2009-111, Dec. 3, 2009
WASHINGTON - The Internal Revenue Service today issued the 2010 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, 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
- 16.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The new rates for business, medical and moving purposes are slightly lower than last year's. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.
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 any vehicle used for hire or for more than four vehicles used simultaneously.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Revenue Procedure 2009-54 contains additional details regarding the standard mileage rates.
What else can I help you with?
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.
As a salesman using your car for work what of the payments is tax deductible?
Ordinarily, expenses related to use of a car, van, pickup or panel truck for business can be deducted as transportation expenses. Use of larger vehicles, such as tractor-trailers, is treated differently and is not part of this discussion. In order to claim a deduction for business use of a car or truck, a taxpayer must have ordinary and necessary costs related to one or more of the following: * Traveling from one work location to another within the taxpayer's tax home area. (Generally, the tax home is the entire city or general area where the taxpayer's main place of business is located, regardless of where he or she resides.) * Visiting customers. * Attending a business meeting away from the regular workplace. * Getting from home to a temporary workplace when the taxpayer has one or more regular places of work. (These temporary workplaces can be either within or outside taxpayer's tax home area.) Expenses related to travel away from home overnight are travel expenses. These expenses are discussed in Chapter One of Publication 463, "Travel, Entertainment, Gift, and Car Expenses." However, if a taxpayer uses a car while traveling away from home overnight on business, the rules for claiming car or truck expenses are the same as stated above. It is important to note that costs related to travel between a taxpayer's home and regular place of work are commuting expenses and are not deductible. Taxpayers can choose to use either the standard mileage rate or actual expenses to compute their allowable business deduction. They may want to figure the deduction using both methods to see which provides a larger deduction. Standard Mileage Rate Method The standard mileage rate may be used to figure the deductible costs of a vehicle that is owned or leased. If a taxpayer wishes to use the standard mileage rate for a leased vehicle, it must be used for the entire lease period. In other words, a taxpayer must use the standard mileage rate for the first year a vehicle is available for business use in order to use the standard mileage rate in subsequent years. The standard mileage rate is adjusted annually by the IRS to reflect changes in the cost of operating a vehicle. In some situations it is adjusted during the year. The 2006 standard mileage rate of 44.5 cents per mile, as well as rates for previous periods, can be found at http://www.irs.gov/taxpros/article/0,,id=156624,00.html. 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: * Uses the car for hire (such as a taxi). * Uses five or more cars at the same time (as in fleet operations). * Claims depreciation or a section 179 deduction (Publication 463, Chapter 4). * Is a rural mail carrier who receives a qualified reimbursement (Publication 463, Chapter 4). Actual Expenses Method Actual car or truck expenses include: * Depreciation * Lease payments * Registration fees * Licenses * Gas * Insurance * Repairs * Oil * Garage rent * Tires * Tolls * Parking fees These and other expenses are discussed in detail beginning on page 16 of Publication 463. If business use of the vehicle is less than 100 percent, expenses must be allocated between business and personal use. Only the business use percentage of each expense is deductible. For example, if, based on records maintained by a taxpayer, total actual vehicle expenses for a given year are $2,500 and the vehicle is used 75 percent for business, the allowable deduction using the actual expense method is $1,875 ($2,500 x 75 percent). Recordkeeping It is important to keep complete records to substantiate items reported on a tax return. In the case of car and truck expenses, the types of records required depend on whether the taxpayer claims the standard mileage rate or actual expenses. To claim the standard mileage rate, appropriate records would include documentation identifying the vehicle and proving ownership or a lease and a daily log showing miles traveled, destination and business purpose. For actual expenses, a mileage log helps establish business use percentage. Taxpayers should also retain receipts, invoices and other documentation to show cost and establish the identity of the vehicle for which the expense was incurred. For depreciation purposes they need to show the original cost of the vehicle and any improvements as well as the date it was placed in service.
What is the vat rate 2013-2014?
In the UK, the standard VAT rate for the period from 2013 to 2014 was 20%. This rate was implemented in January 2011 and remained unchanged during the 2013-2014 fiscal year. There were also reduced rates of 5% for certain goods and services and a zero rate for others.
standard deduction change from last year?
Has the standard deduction for seniors changed from last year?
How do convert 36000 a year into payroll rate?
To convert an annual salary of $36,000 into an hourly payroll rate, divide the annual salary by the total number of hours worked in a year. Assuming a standard full-time schedule of 40 hours per week for 52 weeks, that totals 2,080 hours. Therefore, $36,000 divided by 2,080 hours results in an hourly rate of approximately $17.31.
What is mileage reimbursement rate in New Mexico?
The New Mexico Department of Finance and Administration set the mileage reimbursement rate at 43 cents effective January 1, 2017 for private conveyance utilized by employees of the Executive, Legislative, and Judicial District Attorneys agencies. The mileage reimbursement rate is set each year at 80% of the Internal Revenue Service standard mileage rate that was effective on January 1 of the previous year.
Will IRS increase gas mileage reimbursement mid year?
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.
When will the IRS increase the mileage rate in 2008?
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.
Will IRS mileage reimbursement be increasing midyear?
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.
What is the gas mileage reimbursement used by IRS?
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.
What is considered a good or bad mileage rate for a user car?
a good mileage rate for an used car is around 12,000 miles per year of age.
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!
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.
What is the 2009 rate for gas mileage reimbursement in California?
" = 2009 IRS Standard Mileage Reimbursement Rates Released = November 28, 2008 byCarly Hart Carly Hart* Published Content: 272 * Total Views: 306,265 * Favorited By: 57 CPs Full Profile | Subscribe | Add to FavoritesRecommend (6)Single page Font Size Read comments (8) OH HAIOn November 25, the IRS released the standard mileage reimbursement rates for 2009.Beginning January 1, 2009, the standard mileage reimbursement rate for business travelers will drop from 58.5 cents per mile down to 55 cents per mile. As I reported last summer, the IRS raised the standard mileage reimbursement rate 8 cents to help offset the high cost of gas. The 3.5 cent drop still would leave the rate higher than originally set for 2008.IRS standard mileage reimbursement rate for 2009 for medical and moving expenses also lowerBusiness travelers are not the only ones affected by the drop in the IRS standard mileage reimbursement rate schedule released. According to the IRS site, the mileage reimbursement rate for Americans who seek reimbursement for medical and/or moving related expenses will drop 3 cents from 27 cents for the remainder of 2008 to just 24 cents for 2009. This information is useful for those who are eligible to enroll in a flexible spending account (FSA) as money is deducted pre-tax and set aside for future medical expenses, including mileage for some plans. Knowing this rate allows FSA participants to better determine how much money they should plan to set aside in the coming year. For many companies and the federal government, it is "open season" where employees must select a health insurance and/or dental insurance plan for the coming year. The release of the IRS' standard mileage reimbursement rate for medical expenses is a helpful planning tool for deciding how much to have set aside in a FSA for 2009.Charitable workers still left behind; the 2009 standard mileage reimbursement rate changes do not affect themThose Americans who seek reimbursement for mileage related to charitable works are not affected by the new 2009 IRS standard mileage reimbursement rate schedule. Unfortunately, Congress is responsible for determining the rate of reimbursement for this group. The current mileage reimbursement rate for charity related travel is just 14 cents per mile, far below the reimbursement rate for business travelers."" = 2009 IRS Standard Mileage Reimbursement Rates Released = November 28, 2008 byCarly Hart Carly Hart* Published Content: 272 * Total Views: 306,265 * Favorited By: 57 CPs Full Profile | Subscribe | Add to FavoritesRecommend (6)Single page Font Size Read comments (8) OH HAIOn November 25, the IRS released the standard mileage reimbursement rates for 2009.Beginning January 1, 2009, the standard mileage reimbursement rate for business travelers will drop from 58.5 cents per mile down to 55 cents per mile. As I reported last summer, the IRS raised the standard mileage reimbursement rate 8 cents to help offset the high cost of gas. The 3.5 cent drop still would leave the rate higher than originally set for 2008.IRS standard mileage reimbursement rate for 2009 for medical and moving expenses also lowerBusiness travelers are not the only ones affected by the drop in the IRS standard mileage reimbursement rate schedule released. According to the IRS site, the mileage reimbursement rate for Americans who seek reimbursement for medical and/or moving related expenses will drop 3 cents from 27 cents for the remainder of 2008 to just 24 cents for 2009. This information is useful for those who are eligible to enroll in a flexible spending account (FSA) as money is deducted pre-tax and set aside for future medical expenses, including mileage for some plans. Knowing this rate allows FSA participants to better determine how much money they should plan to set aside in the coming year. For many companies and the federal government, it is "open season" where employees must select a health insurance and/or dental insurance plan for the coming year. The release of the IRS' standard mileage reimbursement rate for medical expenses is a helpful planning tool for deciding how much to have set aside in a FSA for 2009.Charitable workers still left behind; the 2009 standard mileage reimbursement rate changes do not affect themThose Americans who seek reimbursement for mileage related to charitable works are not affected by the new 2009 IRS standard mileage reimbursement rate schedule. Unfortunately, Congress is responsible for determining the rate of reimbursement for this group. The current mileage reimbursement rate for charity related travel is just 14 cents per mile, far below the reimbursement rate for business travelers."
What is the hourly rate of pay for a 16 - 18 year old?
The national pay rate for 16 year old is about $5 per hour. This pay rate is revised every now and then so as to make workers comfortable.
What is the current IRS gas mileage allowance for 2011?
News flash: The IRS just increased the rate to 58.8 cents per mile for business and 27 cents for moving and medical. This applies only to mileage traveled between July 1 and Dec. 31 of 2008. For the first half of 2008, the rates below apply. Charitable contributions still just 14 cents. For tax year 2008, it's 50.5 cents per mile for business use. The standard mileage rate is claimed in lieu of actual expenses of operation and depreciation of a vehicle. For use of your car on the job as an unreimbursed employee expense, the total of such expenses is an itemized deduction subject to the 2% of adjusted gross income floor. For medical-care-related use of auto or moving expenses, it's 20 cents a mile. For in-kind charitable contributions, the mileage rate is a whopping 14 cents. 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.
What is the current 2008 rate for gas mileage reimbursement?
The IRS announced that beginning July 1, the standard rate used to calculate the deductible costs of operating an automobile for business purposes will be increased to 58.5 cents per mile, the highest rate ever. The previous rate, set in the fall of 2007, is 50.5 cents per mile. The new rate will be in effect until Dec. 31. The IRS normally updates mileage rates once in the fall for the next calendar year.
