The IRS recently announced that the standard mileage rate for business drivers in 2010 has been reduced to fifty cents per business mile driven. This is a reduction from fifty-five cents per mile for all of 2009.
In lieu of deducting your actual expenses, you may claim the IRS approved standard mileage deduction plus any business-related tolls and parking fees.
With the standard mileage deduction, you don’t have to keep track of all your operating expenses. But, whether you keep track of your actual expenses or use the standard mileage rate, you will need to keep a calendar or mileage log to prove your business miles driven.