The Internal Revenue Service (IRS) has changed the standard mileage rate for calculating the amount per mile they will allow you to deduct for driving for business, medical, moving, and charitable purposes for 2010.
2010 IRS Mileage Rates
- Business Driving: 50 cents per mile
- Driving for Medical or Moving Purposes: 16.5 cents per mile
- Driving for Charity: 14 cents per mile
As always, you can use the actual cost of operating your vehicle rather than the standard mileage rate. Keep your receipts!
The standard mileage rate includes the costs of gasoline, maintenance, and depreciation. If you want to use actual costs instead of the standard mileage rate, you can find out more about how to calculate depreciation on your vehicles by accessing IRS Publication 946. When the 2010 edition of Publication 946 is issued, this link will be updated.