The Internal Revenue Service has reduced the standard mileage rates that taxpayers can deduct for business use of motor vehicles next year to 50 cents a mile from 55 cents.
The rate can be used by people who do not want to keep detailed records of the cost of using vehicles for business.
The primary reason for the reduction is significantly lower fuel prices, according to Runzheimer International in Rochester, which works closely with the IRS to set the per-mile rate.
"Other factors contributing to the rate change include depreciation, insurance and maintenance costs," said Ted Schuerman, senior project leader, Runzheimer International.
The new rate takes effect Jan. 1.
Inconsistent chatter from a Sacramento-based 'Sconi attorney.
Thursday, December 03, 2009