The Standard Mileage Reimbursement Rate Down in 2010

If you use your own car for business purposes, you can get reimbursed. Over the last few years, the reimbursement rate has been up and down, based on the price of gasoline.

The standard mileage rate for 2010 will be 50 cents per mile, that’s down 5 cents per mile from 2009. This rate is for all business miles. The 2010 rate for medical travel and moving costs will be 16.5 cents per mile. The charitable mileage rate will remain at 14 cents per mile.

In order to be reimbursement, be sure to keep comprehensive records of your business vs. personal miles.

Need more information. Contact your tax advisor.