New IRS Mileage Rates for 2010

December 9, 2009

The IRS has announced the new optional standard mileage rates which are used to calculate the deducible cost of operating a vehicle for business, charitable, or for moving purposes.  Starting on January 1, 2010, the standard mileage rates are:

·         50 cents per mile for business miles driven

·         16.5 cents per mile for medical or moving purposes

·         14 cents per mile for charitable purposes

The 2010 rates for business and medical/moving are lower than the rates in effect for 2009; the charitable rate stays the same.