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2010 IRS Mileage Allowance.

Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)

For this year 2010 the tax deduction rate is lower than the 2009 mileage rate!

You must keep mileage records for the IRS tax prep and differentiate between your business, personal, charity and moving miles.

You may take either a business vehicle tax deduction with receipts for all expenses or mileage deduction.

I do all of the preliminary record keeping work and trust my accountant for the details. You can get software programs that are very helpful for tax prep and a lot of folks use them.

Some people feel that they don't need an accountant because the electronic filing and tax prep software is so easy to use. It's definitely worth the effort to at least learn about the ease of use of the software and decide whether you want to save the cost of the accountant.

  You also have the option of deducting using the percentage method whereby
you have to save all receipts for parking fees, gas, registration, repairs etc.
If you had a catastrophic year, repair wise, or had to park in a pay garage everyday that might warrant keeping all records and possibly using the  percentage method.

   For medical and moving expense the IRS is allowing a $0.16.5 mileage deduction. For some it is negligible. There are people have to travel for dialysis or chemotherapy on a regular basis. It might be vital that they save the money using the deduction.

The charity deduction @ $0.14 could be an issue if you did it on a regular basis but again you have to check the numbers. The above info can be a make it or break it situation.

For those who are self-employed and just starting out in business for yourself you should think about this right away so that your records will be accurate.
The mileage deduction amounts change every year so be sure to come to visit this site before you start every new year just to know where you will stand deduction wise.

Good Luck!
lf you have the patience for more detailed tax information go to www.irs.gov


Copyright © Roger Chartier 2009 - 2010

Notes: This is often referred to as the federal mileage rate., and answers questions about federal mileage reimbursement. Federal mileage allowance is the topic. Someone spelled it mileage. You ask, what is the federal irs mileage rate standard or IRS mileage rate reimbursement? Read the above. You do have to keep an irs mileage log.