IRS Reduces Mileage Rate for 2009

On November 24, 2008, the Internal Revenue Service announced a reduction to the optional standard mileage rates for 2009.

 For the year 2009, the optional standard mileage rate will reduce from 58.5 cents to 55 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes.

The rate for computing the deductible medical or moving costs have also reduced 24 cents per mile, however the rate for providing services for charitable organizations has remained unchanged at 14 cents per mile. For further information you can go to the IRS announcement at: http://www.irs.gov/newsroom/article/0,,id=200505,00.html