Last week the IRS published the rates for what the IRS will allow as reimbursement for using your personal vehicle for business. For this year (2009) it was 55 cents per mile. For 2010 the rate was changed to 50 cents per mile.
This optional rate per mile can be used in place of keeping track of actual expenses. When claiming the cents per mile the employee or business owner needs to keep a travel log which contain the place you traveled to and business purpose plus the number of miles which were actually driven.
If you have any questions please contact your tax consultant for further guidance.
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