What is the mileage rate for business auto use?
A. The mileage rate for 2009 is 54.5 cents per mile. This rate can be used in lieu of using actual expenses multiplied by the business percentage of auto use. The rate is adjusted on an annual basis, depending on current costs of operating an automobile. Q. How much can I gift per year and is it deductible? A. Starting January 1, 2009, this amount will increase to $13,000 per year per recipient. This is a commonly used estate planning technique to reduce one’s estate as he or she gets older. The gift is not deductible by the donor nor is it taxable to the recipient. A married couple will often gift $26,000 per year to a recipient, commonly a son or daughter.
A. The mileage rate for 2010 is 50.5 cents per mile. This rate can be used in lieu of using actual expenses multiplied by the business percentage of auto use. The rate is adjusted on an annual basis, depending on current costs of operating an automobile. Q. How much can I gift per year and is it deductible? A. Starting January 1, 2009, this amount will increase to $13,000 per year per recipient. This is a commonly used estate planning technique to reduce one’s estate as he or she gets older. The gift is not deductible by the donor nor is it taxable to the recipient. A married couple will often gift $26,000 per year to a recipient, commonly a son or daughter.