The Internal Revenue Service (IRS) has set the standard business-mileage deduction at 55 cents for 2009. This is below the 58.5 cents allowed during the second half of 2008, but above the 50.5 cents permitted during the first half. Widely fluctuating gasoline prices triggered two different rates for 2008.
The mileage calculation reflects the cost of fuel along with other vehicle fixed and variable operating expenses, such as depreciation, insurance, tires, etc. Businesses and individuals who use their car for business have the option of using the standard rate in lieu of keeping records of their actual expenses.
The 2009 standard rate of 55 cents per mile applies to the use of automobiles (including vans, pickups and panel trucks) for business purposes.
For more information, contact Stuart Gosswein: email@example.com.