finance






 

Question by  stphaniecostello (159)

What is the IRS allowable reimbursement for mileage?

 
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Answer by  Platypus (180)

The internal revenue service deduction for 2010 is fifty cents per mile. Commuting to and from work is not deductible. A taxpayer may only deduct mileage used in the ordinary course of business after they have commuted to their place of work. There is no limit on reimbursement from an employer to an employee.

 
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Answer by  Taxmatters (169)

For tax year 2009 the business rate was 55 cents per mile. For 2010 the rate is 50 cents per mile. Volunteer rate is 14 cents. Medical mileage is 24 cents.

 
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Answer by  labgirl (333)

Reimbursement for mileage changes every year and is dependent on the cause the driving was for - business has one rate, moving or medical travel another, and travel for charity still another. Check with the IRS materials for the tax year you are interested in for more details.

 
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