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What is the current IRS gas mileage allowance?
.55 per mile
What is included in the IRS mileage allowance Specifically is the cost od Insurance premiums included in that number?
All costs associated with the vehicle, gas, oil, wear and tear and insurance are accounted for in the mileage allowance.
Is the IRS going to reduce mileage reimbursement allowance given reduction in gas prices?
That would not be unreasonable
IRS gas mileage allowance for 2007?
According to the IRS website, http://www.irs.gov/taxpros/article/0,,id=156624,00.html) the standard mileage rate for 2007 was $.485. The amount for July 31 to Dec 31 of this year is $.585!
When will the 2008 federal mileage allowance be increased to compensate for the rise in gas prices?
On 6/23/08, the IRS increased mileage reimbursement for privately owned automobiles to 58.5 cents.
What is the breakdown of the current IRS gas mileage allowance?
51 cents per mile It is now 50 cents per mile for 2010 income taxes
What are the elements included in the Federal Gas mileage Allowance?
The IRS mileage allowance includes all expenditures for gas, maintainance, repair, insurance and any other cost that may be associated with operating a vehicle. So if one claims the standand mileage expense, then receipts such as for gas, new tires, etc., cannot also be claimed. The taxpayer can, however, claim depreciation expense on the vehicle.
What is 2009 IRS gas mileage rate?
The 2009 IRS gas mileage rate is 58.5 per mile.
What is the current IRS meal allowance?
$31.00 per day
What was the IRS 2007 Business mileage allowance?
See http://www.irs.gov/newsroom/article/0,,id=163828,00.html Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: * 48.5 cents per mile for business miles driven; * 20 cents per mile driven for medical or moving purposes; and * 14 cents per mile driven in service to a charitable organization.
What is the national average for corporate compensation for gas mileage?
The IRS as of Jan 2008 considers 50.5 cents per mile the National Average, Corporate doesn't deserve to get more for their gas allowance than does the average worker.
Why cant you use standard mileage deduction for your trucks in a partnership?
There is no rule that says a partnership cannot use the standard mileage rate for vehicles. What you may be running into is the IRS rules for automobile fleets. If your business operates a fleet of automobiles (defined as five or more vehicles that are used simultaneously), then you are required to deduct actual expenses -- you cannot use the standard mileage rates for vehicle fleets.
