|
IRS
Standard Mileage Rates
Listed below is the per mile rate that the
government allows for reimbursement of business use of personal
automobiles. Please note the the government is using two
different rates for 2008. The only other time this was done
was in 2005.
| 2010 |
50 cents |
| 2009 |
55 cents |
| July 2008 - Dec 2008 |
58.5 cents |
| Jan 2008 - June 2008 |
50.5 cents |
| 2007 |
48.5 cents |
| 2006 |
44.5 cents |
| Sept 2005 - Dec
2005 |
48.5 cents |
| Jan 2005 - Aug
2005 |
40.5 cents |
| 2004 |
37.5 cents |
| 2003 |
36 cents |
| 2002 |
36.5 cents |
List of Over 6000 GVWR
Vehicles
Depreciation Tables
Depreciation of vehicles
has been complicated by the luxury tax rules and the recent
creation of the truck category. These tables give depreciation
percentages and limits for all types of vehicles.
2010 Depreciation Table
2009 Depreciation Table
2008 Depreciation Table
2007 Depreciation Table
2006 Depreciation Table
2005 Depreciation Table
2004 Depreciation Table
2003 (After May 5th)
2003 (Prior to May 6th)
Section 179
Limitations
In addition to regular
depreciation, the government allows the expensing of new
assets under section 179. For vehicles subject to the
luxury car limitations (under 6,000 lb), section 179 is included in
the depreciation limits. Vehicles not subject to the
luxury car limitations follow the same rules for Section 179 as any
other qualifying asset. In late 2004, the government limited
the Section 179 expense for over 6,000 lb. SUVs to $25,000.
| 2010 |
$250,000 (SUV $25,000) |
| 2009 |
$250,000 (SUV $25,000) |
| 2008 |
$250,000 (SUV $25,000) |
| 2007 |
$125,000 (SUV $25,000) |
| 2006 |
$108,000 (SUV $25,000) |
| 2005 |
$105,000 (SUV $25,000) |
| 2004 |
$102,000 (SUV $25,000 after
10/21/04) |
| 2003 |
$100,000 |
| 2002 |
$24,000 |
IRS
Annual Lease Value Table
This table is used to
determine the amount that is added to an Employee's W2 for personal
use of a company owned vehicle.
Lease Value Table
Cents-Per-Mile Rule Limitations
You cannot use the
cents-per-mile rule for
calculating the W2 value for
the personal use of a
company owned vehicle if its
value when you first made it
available to any employee
for personal reasons is more
than an amount determined by
the IRS as the maximum
automobile value for the
year.
This table lists the maximums since
1990
Lease Inclusion
Tables
The lease inclusion table
is the government's attempt to equalize the write-off between
purchasing and leasing an under 6,000 lb passenger vehicle. The
entire lease payment, less the inclusion amount, is deductible.
2010 Passenger Automobiles
2010 Trucks and Vans
2009 Passenger Automobiles
2009 Trucks and Vans
2008 Passenger Automobiles
2008 Trucks and Vans
2007 Passenger Automobiles
2007 Trucks and Vans
2006 Passenger Automobiles
2006 Trucks and Vans
2006 Electric Automobiles
2005 Passenger
Automobiles
2005 Trucks and Vans
2005 Electric Automobiles
2004 Passenger Automobiles
2004 Trucks and Vans
2004 Electric Automobiles
2003 Passenger Automobiles
2003 Trucks and Vans
2003 Electric Automobiles
2002 Passenger Automobiles |
