| IRS mileage rate 2009 | IRS mileage rate 2010 | |
| IRS Mileage - Business | 55 | 50 |
| IRS Mileage - Medical/Moving | 24 | 16.5 |
| IRS Mileage - Charitable | 14 | 14 |
IRS mileage may be deducted for trips made for business purposes. Talk to your tax professional about the details but generally speaking, the commute from your office to your a work- related errand or meeting is deductible. It is also deductible if you have a home office. See IRS publication 463 for information.
If you deduct travel, entertainment, gift, or transportation expenses, you must be able to prove certain elements of the expense. For more detailed informaiton see IRS publication 463 below.
A daily record of some kind such as an account book, diary, or similar record is required as well as its documentary evidence such as receipts, canceled checks, or bills. Exceptions: Documentary evidence is not needed if your expense, other than lodging, is less than $75 or for expenses where a receipt is not readily available e.g. like a parking meter.
How
to prove expenses Recordkeeping
(IRS Publication 463) http://www.irs.gov/publications/p463/ch05.html
Recordkeeping (IRS Topic 305) http://www.irs.gov/taxtopics/tc305.html
| IRS mileage rate 2008 (Jan to June) |
IRS mileage rate 2008 (July to Dec) |
|
| IRS Mileage -Business | 50.5 | 58.5 |
| IRS Mileage -Medical/Moving | 19 | 27 |
| IRS Mileage -Charitable | 14 | 14 |
Historical IRS MIleage rates: http://www.irs.gov/taxpros/article/0,,id=156624,00.html
"Tax Savvy for Small Business" by Tax Attorney Frederick W. Daily is a Nolo Press classic. It is updated every year to be your easy to understand guide to the current tax code. But don't take just OUR word for it the Washington Post says "This book is one of the best plan-language books on small-business taxes" It was also named a "Top Tax Book" by Entrepreneur Magazine. http://www.nolo.com/products/tax-savvy-for-small-business-SAVVY.html
Travel,
Entertainment, Gift, and Car Expenses -(IRS
Publication 463) - http://www.irs.gov/publications/p463/index.html
Car
and Truck Expenses (IRS Publication 583) http://www.irs.gov/publications/p583/ar02.html#d0e1688
Business
Use of Car (IRS Topic 510)http://www.irs.gov/taxtopics/tc510.html