Orange County Register

The Internal Revenue Service has announced new 2009 standard mileage rates for cars, vans, pickups or panel trucks:

• 55 cents per mile for business
• 24 cents per mile for medical or moving purposes
• 14 cents per mile in service of charitable organizations

The rates are higher than a year ago, but lower than the mid-year adjustment when gas prices rose above $4.50 a gallon and diesel approach $6. The charitable rate is unchanged.

If you’ll recall, the business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half.

The 2009 rates reflect generally higher transportation costs compared to a year ago, the IRS says. While gasoline is a significant factor in the mileage rate, other fixed and variable costs, such as depreciation, enter the calculation.

Click here to read the IRS press release.

More business stories…

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• September O.C. bankruptcies hit 3-year high
• Calif. unemployment extension checks delayed until mid-Dec.
• Fed plan should stem credit-card crunch
• Group calls for 180-day foreclosure moratorium
• OMB: Revenge of the nerds
• State Democrats want car tax, income tax hikes
• O.C. auto sales plunged 40% in October
• O.C. mortgage rate drop a “miracle”

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