2009 Federal Standard Mileage Rates

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 17, 2010 -- The IRS-approved standard mileage rates are established each year to allow taxpayers to deduct the calculated cost of operating a vehicle for business, medical or charitable purposes.

For 2009, the business standard mileage rate is 55 cents per mile you operate your vehicle for business purposes. The medical mileage rate is 24 cents per mile, which is important for Prescott area taxpayers because many medical trips are made to Phoenix from the Prescott area. The 24 cent-rate also applies to moving mileage.

The business rate is based on an annual study of variable and fixed costs of operating a car, van or pickup. It is intended to reimburse the full cost of owning a vehicle and includes depreciation. The rate is includes such costs as fuel and maintenance.

Volunteers who use their vehicles for charitable purposes can also take advantage of a mileage rate deduction. The rate for charitable purposes is 14 cents per mile and has not changed since 2008. Prescott, Prescott Valley, Chino Valley and Dewey are volunteer-oriented communites, so if you are, or know of, a dedicted volunteer, be sure to pass this information along. As with all other deductions, accurate record-keeping is a must.

For additional information on mileage or other tax deductions, contact Darlene Wood CPA or Alyx Cohan CPA in Prescott at 928.771.1950.

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