Mileage Rates for 2010 and 2011

[esavvymom]

In case you haven't looked it up:

http://www.irs.gov/newsroom/article/0,,id=216048,00.html 0.50 per mile (business)
http://www.irs.gov/newsroom/article/0,,id=232017,00.html: 0.51 per mile (business)

 

[rinakay]

What???? They went DOWN? That stinks. Oh well, at least it is still a deduction.

 

[esavvymom]

The year that gas prices were sky-high, yes, it was up higher. it changes every year.

 

[613flavah]

I love how you guys are complaining about "sky high" gas prices, come to Canada and you'll regret saying that lol

I just filled up my car at $1.12/litre. Almost 4 litres to a gallon, do the math! $$$$. I love crossing the border and filling up there, soooo cheap

 

[chefsteph07]

The year that gas prices were sky-high, yes, it was up higher. it changes every year.

If they keep going up as predicted, I'm sure it may adjust to a different rate mid year. I think they did that in 09.

 

[pattybrady]

Um, am I reading this wrong? It looks like it went UP by a penny for 2011, not down... ?

 

[NooraK]

Um, am I reading this wrong? It looks like it went UP by a penny for 2011, not down... ?

But it went down from 2009, which we would have filed last year.

 

[yankfan24]

I believe 2009 was .485. But I'm not in front of my tax info from last year right now.

 

[esavvymom]

The mileage tax deduction rate was I think $0.55 in 2009. I think it was a bit higher before that when gas was VERY high (for us...yes, CHEAP compared to Canada and the rest of the world... Sorry!). Maybe the increase for 2011's deduction rate is do the increase in the gas again, who knows.It is what it is.

 

[cochef]

Can someone do a quick refresher on how to change the rate in PP3 - I forgot and it is quicker to ask on here

 

[esavvymom]

when you are in an Expense window- to the right of the drop down box where you select the category is an "Edit Categories". T hat's where you can select the category and make the changes. Explore a little.