IRS Cuts Mileage Deduction Rate for 2010
The IRS just announced the mileage rates to be used for 2010 and most of them are lower than 2009 (even though gas is higher now than last year at the same time)
For regular mileage, the reimbursement rate will be 50 cents per mile which is about 9% lower than last year’s rate of 55 cents per mile. For medical miles, the rate has been reduced from 24 cents to 16.5 cents which is a 31% decrease.
The rate for charitable miles remains the same at 14 cents per mile.
Remember, that you can use these rates in lieu of keeping track of all of your costs related to auto usage, etc.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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