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On December 3, the Internal Revenue Service 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: Bravo! Congratulations to these terrific individuals, innovating for the good of society. From the Encore Careers release: This year’s winners of The Purpose Prize, a $100,000 award for social innovators in their encore careers, are using a new stage of life to do extraordinary things to improve life for millions of people worldwide. They include: A former [...] Whenever you are thinking of donating or volunteering, keep our top ten tips in mind. Create a donation and/or volunteer time budget for your philanthropy. Answer: First, you can’t deduct the value of your time or services. If you volunteer for a Qualified Organization (QO), however, you can deduct on your income taxes: For the use of your car: actual costs of gas and oil to and from the QO location, or 14 cents per mile (it’s your choice) – plus [...] |
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