Standard Mileage Rates for 2009

The IRS has set the standard mileage rates for substantiating car and truck expenses for the year 2009. The rate for business purposes increases to 55 cents per mile, down slightly from the 58.5 cents per mile rate in effect for the last half of 2008. The rate for the medical deduction or moving expense deduction will be 24 cents per mile, also down from the 27 cents per mile in effect for the last six months of 2008.

The standard mileage rate is most commonly used when seeking reimbursement from an employer for the use of a vehicle, or by independent contractors who use their vehicle in their business. But the standard mileage rate can also be used for the moving expense deduction when relocating more than 50 miles. Car expenses can also be claimed as part of the medical expense deduction. So taxpayers who travel frequently to the doctor's office may want to tally up their mileage to get an extra deduction.

More information:

• IRS Announces 2009 Standard Mileage Rates (IR-2008-131)
• Deducting Car and Truck Expenses
• Quick Tax Facts for 2009