The Economy’s So Bad the IRS Got Bullied Into Upping the Mileage Rate Midyear
As most of you have heard by now, the IRS is increasing the standard mileage rate by four whole cents as of July 1. Via Journal of Accountancy: While the IRS usually sets the optional standard mileage rates for computing deductible costs of operating an automobile only at the beginning of each calendar year, Thursday’s […]
2021 IRS Standard Mileage Rates Have Arrived
Here they are, in the event you actually resume traveling to client sites next year: Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020, 16 […]
Stretching Your Mileage on the Expense Report Won’t Pay as Well in 2010
Perhaps you stick to the honor system when it comes to plugging the mileage into your expense report but for those of you that like to turn that 14.4 miles on Google Maps to 15, may be tempted to fudge further 2010:
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.
As Joe Kristan notes, this is down from the 55 cents in 2009, so our prediction is that many will be stretching the mileage even further in the new decade. You know who you are.
IRS Announces 2010 Standard Mileage Rates [Press Release via Tax Update Blog]