The IRS recently released updated federal mileage rates that will apply to mileage incurred on or after January 1, 2010:

* 50 cents per mile for business miles
* 16.5 cents per mile for medical or moving purposes
* 14 cents per mile for service of charitable organizations

The standard mileage rate for business mileage actually went down, reflecting the fact that the cost of fuel overall has decreased. The charitable mileage rate is fixed by Congress and they just haven’t addressed changing it for years, so it stays the same as it has for quite some time now.

Please refer to our disclaimer

Recently enacted legislation allows all U.S. companies to carry back net operating losses incurred in either 2008 or 2009 to the previous five years. The carryback can offset 50% of the taxable income in the fifth carryback year, and 100% of taxable income in the first four carryback years.