The IRS announced that the standard mileage rate for 2010 will be decreased to 50 cents per business mile. This is a significant reduction from the 55 cents allowed in 2009. According to the IRS, "The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago." So, when can you deduct business mileage? Driving to client meetings, industry conferences, or running … [Read more...]
Record Your Mileage to Deduct Your Mileage!
If you want to take a business deduction for mileage driven in 2009, it's time to get your record-keeping caught up! While the IRS would prefer that you keep track of your mileage every day, or every week at the least, it is possible to recreate your mileage logs using your calendar or appointment book. For instance, if you drove to see ABC Company every month, you can record those dates from … [Read more...]