Mileage Rates for 2010
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Mileage Rates for 2010
 If you drive a car, truck or van for work, you'll want to make sure you know the standard mileage rates that the Internal Revenue Service (IRS) has set for 2010.
These mileage rates are used to calculate deductible costs for driving an automobile for business, charitable, medical and moving purposes. As of January 1, 2010, the standard mileage rates for 2010 are as follows:
· Businesses = 50 cents per mile driven
· Medical or moving = 16.5 cents per mile driven
· Charitable organizations = 14 cents per mile driven
These are slightly lower than last year's rates due to generally lower transportation costs compared to a year ago.
But before you calculate your deduction, make sure you qualify. The IRS reminds taxpayers that they cannot use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.
Remember, although the IRS provides the standard mileage rate for ease and convenience, you're not required to use it. If you prefer, you can calculate the actual costs of using your vehicle instead of using the standard mileage rates. |
| Mortgage Interest Rates for Fixed Rate Mortgages* |
| Rates as of Tuesday, 16th February, 2010: |
| | Term | Conforming | APR | Payment per
$1,000 | Jumbo | APR | Payment per
$1,000 | | 30-Yr. fixed | 360 | 4.75% | 4.833% | $5.22 | 5.75% | 5.860% | $5.84 | | 15-Yr. fixed | 180 | 4.25% | 4.392% | $7.52 | 5.5% | 5.684% | $8.17 | | 7-Yr. fixed ARM | 360 | 4% | 4.079% | $4.77 | 5.25% | 5.357% | $5.52 | | 5-Yr. fixed ARM | 360 | 3.75% | 3.828% | $4.63 | 4.75% | 4.853% | $5.22 | | 3-Yr. fixed ARM | 360 | 3.75% | 3.828% | $4.63 | 3.55% | 3.646% | $4.52 | | 5-Yr. Interest Only | 360 | 3.875% | 3.954% | $3.23 | 5% | 5.105% | $4.17 | | 7-Yr. Interest Only | 360 | 4.125% | 4.205% | $3.44 | 5.375% | 5.482% | $4.48 | | 3-Yr. Interest Only | 360 | 3.875% | 3.954% | $3.23 | 4.2% | 4.300% | $3.50 |
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| *Rates are subject to change due to market fluctuations and borrower's eligibility. |
| The above rates are for a primary residence $400,000 conventional/$600,000 jumbo purchase with 1% origination fee, 20% minimum down payment , 740+ credit score and 25 day lock. Additional down payment and loan programs are available. |  |
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