Saturday, December 11, 2010

IRS Announces 2011 Standard Mileage Rates

IR-2010-119, Dec. 3, 2010

WASHINGTON — The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 51 cents per mile for business miles driven
  • 19 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Revenue Procedure 2010-51 contains additional details regarding the standard mileage rates.


http://www.irs.gov/newsroom/article/0,,id=232017,00.html
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Friday, December 10, 2010

MileBug Featured at MacCreate

Just got notice from Joanne Carter at MacCreate that MileBug has been listed as part of their Daily iPhone App Digest - 9 December 2010. She notes in there that MileBug rose to #2 last January in the Finance category..let's do it again!

http://iphone.maccreate.com/2010/12/09/daily-iphone-app-digest-9-december-2010/