Virtual Bookkeeping Services

The IRS has released the 2010 optional standard mileage rates to be used by employees, self-employed individuals and other taxpayers to compute deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2010 rates for business, medical and moving purposes are slightly lower than last year's rates, reflecting the generally lower transportation costs compared to a year ago.  The 2010 standard mileage rates will be:

• 50 cents per mile for business miles
• 16.5 cents per mile for medical or moving purposes
• 14 cents per mile for charitable purposes