2010 Standard Mileage Rates Issued

[TAXBILLY]

http://www.irs.gov/pub/irs-drop/rp-09-54.pdf

taxbilly

[jainen]

>>2010 Standard Mileage Rates<<

Thanks for posting this. Besides just listing this year's rates, it is a well-written review of many related issues. Note that although the rate goes down 10% this year, the basis adjustment goes up 10%. Also note that if you take standard mileage allowance the first year (instead of Section 179), you can switch to actual expenses but NOT to MACRS. And of course taxpayers setting up those popular S-corps and LLC's don't get to use the standard mileage allowance at all on a business return other than Schedule C.

[Elrod]

Thanks Taxbilly

What will they do with that nickle? :dunno:

[kcjenkins]

They have already spent it a few billion times, Elrod.