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2010 Hit List


Standard mileage rates 2010
  • 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
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Social Security Wage Base Unchanged
in 2010

The Social Security Administration has announced that the 2010 social security wage base will be unchanged from 2009 - first year since 1975 without an automatic Cost-of-Living Adjustment (COLA). The Cost-of-Living Adjustment (COLA) is a legislation enacted in 1973, which provides that Social Security and Supplemental Security Income (SSI) benefits keep pace with inflation.

Similarly, the Social Security Act states that Social Security and Supplemental Security Income benefits increase each year if there is an increase in the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from last year’s third quarter to current year’s third quarter. Since, there was no increase in the CPI-W from third quarter 2008 to third quarter 2009, under the law of the starting point for determinations regarding a possible Cost-of-Living (COLA) 2011 will remain the third quarter of 2008.

No Change in Pension Plan Limits for 2010

The IRS has recently announced the dollar limits on benefits and contribution under qualified retirement plans, plus other items. The 401k deferral limit stays at $16,500, the same amount as for 2009. This limitation affects elective deferrals to Section 401k plans and to the Federal Government’s Thrift Savings Plan, among others.

New Form W-4 for 2010

The IRS has released the 2010 W4 form, Employee’s Withholding Allowance Certificate. If you are a nonresident alien, see new instructions on Notice 1392, Supplemental Form W-4 Instructions for Nonresident Aliens .

Business Mileage Rate to 50 Cents for 2010

The IRS has announced that the business standard mileage rate for 2010 will drop to 50 cents per mile. The rate for medical or moving expenses will drop to 16.5 cents.

2010 chart

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