Standard Mileage Rates released for 2010

The IRS has released the 2010 optional standard mileage rates that employees, self-employed individuals and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.

The rates are as follows:

Business Mileage Rate: The standard mileage rate for business mileage in 2010 will be 50 cents per mile

Medical, Moving Mileage Rate:  The standard mileage rate for medical and moving expenses will be 16.5 cents per mile.

Charitable Mileage Rate: The standard mileage rate for charitable purposes will remain at 14 cents per mile.