IRS pares down mileage rates
Tampa Bay Business Journal
The Internal Revenue Service has tweaked standard mileage deductions for 2009.
Rates used to calculate the deductible costs of operating an automobile for business, medical or moving purposes are slightly lower than rates for the second half of 2008, which were raised in response to a spike in gasoline prices, the IRS said.
Standard mileage rates set to take effect Jan. 1 are:
• 55 cents per mile for business use.
• 24 cents per mile for medical or moving purposes.
• 14 cents for miles driven in service of charitable organizations.
The business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half. The rate for charitable use is unchanged.
In addition to gasoline prices, the mileage rate takes into account other fixed and variable costs, such as depreciation.
For more information, visit www.irs.gov.
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