NEW Mileage Rates

IRS has increased the standard mileage rates due to the rising gas prices. The rate for business miles driven from July 1- December 31, 2008 has increased to $0.585 a mile. The new rate for computing deductible medical or moving expenses has increased to $0.27 cents a mile. The rate for providing services for charitable organizations is set by statute, not the IRS and remains at $0.14 cents a mile.

You will need to separate your mileage for January-June 30, 2008 and July 1 – December 31, 2008 at tax time so that the correct rates are applied on your return.

We have a mileage log form available on our website at www.JFSMONEY.com. Please feel free to print off copies and keep in your vehicles so that you may log your mileage, as well as, the purspose and the dates. Please feel free to contact me or your tax professional for any questions. I can be reached at johnsonfinancialsvc@hotmail.com or 816-289-0476.

Lesley Johnson, EA

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This entry was posted on Tuesday, June 24th, 2008 at 5:49 pm and is filed under Family and Finance, Home Business Articles, Jill's Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “NEW Mileage Rates”

  • taxguruNo Gravatar on June 26th, 2008 at 7:29 pm

    There is a exciting new business tool provided by http://www.MileageLogger.com that logs business miles automatically, no more pen and paper.

  • moneymomNo Gravatar on June 26th, 2008 at 7:40 pm

    Yes there is TAXGURU. I even have the Mileage Logger posted as an affiliate on my website. I would like to see Mileage Logger download the information into financial software such as QuickBooks, Peachtree, etc. I’m sure someday it will soon in order to enhance the mileage tracking for its users.

    Thanks for adding this point.

    Lesley Johnson, Enrolled Agent

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