Thursday, November 27, 2008

IRS Announces 2009 Per-Mile Business Driving Rate

Rismedia ---The Internal Revenue Service (IRS) has announced the new national per-mile business driving rate of 55.0 cents for the U.S. taxpayer, effective January 1, 2009. This new rate compares to a rate of 50.5 cents-per-mile from January 1 through June 30, 2008, and a rate of 58.5 cents-per-mile from July 1 through December 31, 2008.

“The change in the 2009 national per-mile rate reflects a combination of factors, but is driven primarily by the fluctuation in fuel prices,” states Ted Schuerman, senior project leader and vehicle cost expert within Government Services at Runzheimer International. “Other cost components, such as depreciation, insurance, and maintenance costs, remained relatively stable.”

To establish the annual per-mile rate, the IRS works closely with Runzheimer International, the Wisconsin-based workforce mobility firm. Runzheimer specializes in vehicle, travel, and living costs and has provided this service to the IRS since 1980.

The 55.0 cents-per-mile standard is the amount that a U.S. taxpayer can deduct for vehicle expenses on a 2009 tax return for business miles driven.

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