IRS Announces Revision to Mileage Deduction Rates for 2009

By wmadministrator

After taking the unusual step of raising mileage deductions rates in the mid-2008 to reflect a rapid increase in fuel prices, the IRS has scaled back those rates for 2009 to reflect lower gas prices.

As of Jan. 1, 2009, the standard mileage rates for the use of a car, van or truck are 55 cents per mile for business miles, 24 cents per mile for medical or moving purposes, and 14 cents per mile for service of charitable organizations. (The rate for charitable purposes is set by law and is unchanged from 2008.)

The business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half.

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