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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
New Turns in Standard Mileage Rates
The IRS recently announced the standard mileage rates drivers may use in 2010 instead of keeping all the detailed records required for deductible travel. The rates either declined or stayed the same.
The rate for business travel drops from 55 cents per mile in 2009 to 50 cents per mile in 2010. Business-related tolls and parking fees may be added on.
The rate for medical and moving expenses drops from 24 cents per mile in 2009 to
16.5 cents per mile in 2010.
The rate for charitable travel remains at 14 cents per mile for 2010.
Note: The new mileage rate reductions may encourage you to keep more detailed records of your tax-deductible trips.
The rate for business travel drops from 55 cents per mile in 2009 to 50 cents per mile in 2010. Business-related tolls and parking fees may be added on.
The rate for medical and moving expenses drops from 24 cents per mile in 2009 to
16.5 cents per mile in 2010.
The rate for charitable travel remains at 14 cents per mile for 2010.
Note: The new mileage rate reductions may encourage you to keep more detailed records of your tax-deductible trips.
[View Article List] [Go Back]
TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
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Venditti & Deutsch is a Northern New Jersey CPA firm that provides a wide variety of accounting, tax and financial management services. Our clients are located throughout the Northern New Jersey area in towns like Wayne, Livingston, Montclair, Bloomfield, Passaic, Garfield, Clifton, West Orange, Summit, Verona, Caldwell, East Hanover, Parsippany, Morristown, Denville, Union, Kearny, Belleville, Nutley, Fair Lawn, Paramus, and more. We service clients in Essex County, Union County, and Bergen County.
Site by Build Your Firm, designers and developers of websites for accountants and cpa firms.
Venditti & Deutsch is a Northern New Jersey CPA firm that provides a wide variety of accounting, tax and financial management services. Our clients are located throughout the Northern New Jersey area in towns like Wayne, Livingston, Montclair, Bloomfield, Passaic, Garfield, Clifton, West Orange, Summit, Verona, Caldwell, East Hanover, Parsippany, Morristown, Denville, Union, Kearny, Belleville, Nutley, Fair Lawn, Paramus, and more. We service clients in Essex County, Union County, and Bergen County.