IRS Decreases Business Mileage Rate to 55 Cents for 2009
The IRS has announced that the standard business mileage rate for transportation expenses paid or incurred beginning January 1, 2009, will be 55 cents per mile, down from the 58.5 cents per mile rate in effect during the second half of 2008 [IR-2008-131, released 11-24-08; See www.irs.gov/newsroom/article/0,,id=200505,00.html].
The mileage rate may be used to compute the deductible cost of operating a passenger car (also vans, pickups, or panel trucks) for business purposes. The 2009 standard rate for miles driven for medical or moving purposes will decrease to 24 cents per mile, down from the 27 cents per mile rate in effect during the second half of 2008.
WHAT? That's crazy. I hate them even more now.
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