HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 16_02/01/2010THE LAW OFFICES OF
PERRY FSL JENSEN, LLC
ANN H. PERRY
aperry@perryjensenlaw.com
MEMORANdUM
TO: Tequesta Public Safety Officers' Pension Plan
Board of Trustees
FROM: Bonni S. Jensen
Fund Legal Counsel
DATE: December, 2009
SUBJECT: IRS Mileage Rate for 2010
BONNI SPATARA ,IENSEN
bsjensen(c~perryjensenlaw.com
This is to inform you that the Internal Revenue Service ("IRS") released its updated
Standard Mileage Rate for 2010. The new rate is 50-cents per mile as of January 1, 2010.
As you know, from previous years, the mileage rate can fluctuate within the same
year. We will do our best to keep you and the administrator informed. You can find the
current rate at online at: httpa/www.irs.gov/formspubs/article.
If you have any questions, please do not hesitate to contact us.
BSJ/adt
Enclosure
Copy: Administrator
H:WII MiscetlaneousWLL BOARDS~201012010 -IRS Mileage Rate Memo.wpd
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IR5 Announces 2010 Standard Mileage Rates
1R-2009-111, Dec. 3, 2009
WASHINGTON -The Internal Revenue Service today issued the 2010 optional standard mileage rates used to
calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
s 50 cents per mite for business miles driven
• 16.5 cents per mile driven for medical or moving purposes
. 14 cents per mile driven in service of charitable organizations
The new rates for business, medical and moving purposes are slightly lower than last year's. The mileage rates for
2010 reflect generally lower transportation costs compared to a year ago.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an
automobile. The rate for medical and moving purposes is based on the variable casts as determined by the same
study. Independent Contractor Runzheimer International conducted the study.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under
the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.
In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four
vehicles used simultaneously.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard
mileage rates.
Revenue Procedure 2009-54 contains additional details regarding the standard mileage rates.
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Page Lest Reviewed or Updated: Qecember 03, 2009