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"What is the IRS mileage rate for 2010? Usually it come out in November of the previous year?"

The Internal Revenue Service has issued the standard-mileage-reimbursement rate for 2010. The standard-mile rate for business miles driven will be 50 cents per mile in 2010, down from 55 cents per mile in 2009 and from 58.5 cents in the second half of 2008. The mileage rates for 2010 reflects lower transportation costs compared to a year ago. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. Beginning on January 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage. Employers that use the IRS standard mileage rate to reimburse employees may deduct the reimbursement as a business expense. If employers use the approved rate (or a lower rate), the IRS considers that requirements to substantiate and adequately account for the expense are satisfied without extensive documentation of actual expenses.

Sources: http://hr.blr.com/HR-news/Compensation/Mileage-Allowance/IRS-Mileage-Rate-Lowered-for-2010/

Increase in IRS Mileage Rate

The IRS announced the 2010 standard mileage rates for the use of a car (including a van, pickup, or panel truck) for business purposes. Effective January 1, 2010, the standard mileage rate is 50 cents per mile. This is lower than the standard mileage rate that was in effect for 2009 (55 cents per mile). The rate for January 1, 2008 through June 30, 2008 was 50.5 cents per mile, and for July 1, 2008 through December 31, 2008, it was 58.5 cents per mile.

Self-employed people can deduct their business miles using the standard mileage rate or by calculating actual costs. To use the standard mileage rate, you must use that method the first year you use the vehicle in your business, and you can't have claimed accelerated depreciation deductions or have taken any Section 179 deductions for the vehicle.

Injured workers who are receiving workers' compensation benefits from the State of California also use the IRS mileage rate when they request reimbursement for miles driven to and from medical appointments, pharmacies, and the like.

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