Standard Mileage Rate
2009
For 2009, the standard mileage rate for the cost of operating your car for business use is 55 cents per mile.
Car expenses and use of the standard mileage rate are explained in chapter 4 of Publication 463, Travel, Entertainment, Gift, and Car Expenses.
Medical- and move-related mileage. For 2009, the standard mileage rate for the cost of operating your car for medical reasons or as part of a deductible move is 24 cents per mile.
See Transportation under What Medical Expenses Are Includable in Publication 502 or Travel by car under Deductible Moving Expenses in Publication 521, Moving Expenses..
Charitable-related mileage. For 2009, the standard mileage rate for the cost of operating your car for charitable purposes remains 14 cents per mile.
Possible Per Diem and Standard Mileage Rate Changes
There is only 1 time per year that the IRS possibly will change the two deductions, Normally for the Mileage Rate it is June 30th of each year. NO CHANGE FOR 2009
The per diem rate if it will be changed will be effective OCTOBER 1st, So far no changes from the $52.00 US rate, and 58.00 Canada rate for each day logged or proof of the day remains the same. Each is subject to 80% of the total which is used as the actual deduction on line 24b of your Sch C.
So if you have 300 days out, at $52.00 = $15,600 x 80% the actual deduction become $12,480.
In order for you to take the Canadian Per Diem Amount you must show in the log book a showing 8 hours in the sleeper and plus 2 hours period off duty showing 10 hour total in order to claim them.
If you have any quesitons please do not hesitate to ask
Franklin Katz, ATP, PA, PB Frank's Tax & Business Service, 120 York Rd Kings Mountain, NC 28086-3151
(704) 739-4039
FAX; ( 704) 739-3934
e-mail: [email protected] web site: File Your Return Online
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
2009
For 2009, the standard mileage rate for the cost of operating your car for business use is 55 cents per mile.
Car expenses and use of the standard mileage rate are explained in chapter 4 of Publication 463, Travel, Entertainment, Gift, and Car Expenses.
Medical- and move-related mileage. For 2009, the standard mileage rate for the cost of operating your car for medical reasons or as part of a deductible move is 24 cents per mile.
See Transportation under What Medical Expenses Are Includable in Publication 502 or Travel by car under Deductible Moving Expenses in Publication 521, Moving Expenses..
Charitable-related mileage. For 2009, the standard mileage rate for the cost of operating your car for charitable purposes remains 14 cents per mile.
Possible Per Diem and Standard Mileage Rate Changes
There is only 1 time per year that the IRS possibly will change the two deductions, Normally for the Mileage Rate it is June 30th of each year. NO CHANGE FOR 2009
The per diem rate if it will be changed will be effective OCTOBER 1st, So far no changes from the $52.00 US rate, and 58.00 Canada rate for each day logged or proof of the day remains the same. Each is subject to 80% of the total which is used as the actual deduction on line 24b of your Sch C.
So if you have 300 days out, at $52.00 = $15,600 x 80% the actual deduction become $12,480.
In order for you to take the Canadian Per Diem Amount you must show in the log book a showing 8 hours in the sleeper and plus 2 hours period off duty showing 10 hour total in order to claim them.
If you have any quesitons please do not hesitate to ask
Franklin Katz, ATP, PA, PB Frank's Tax & Business Service, 120 York Rd Kings Mountain, NC 28086-3151
(704) 739-4039
FAX; ( 704) 739-3934
e-mail: [email protected] web site: File Your Return Online
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.