Ilyce Glink's BlogWelcome to Ilyce Glink's blog! Here you'll find Ilyce's latest insights on personal finance advice, real estate advice and consumer issues. Come back often for timely and interesting posts on a wide variety of topics. Tuesday, June 24, 2008 IRS Raises Mileage Rate to 58.5 Cents Per Mile
Starting July 1 you can deduct 58.5 cents per mile, when you're driving for business, the IRS just announced. For miles driven between January 1 and June 30, 2008, you can deduct 50.5 cents per mile. This is great news for the self-employed and those who get reimbursed for mileage by their employers. The IRS normally does not make an adjustment in mid-year but they said the increase comes in response to recent higher gas prices. The agency also considers depreciation, insurance and other fixed and variable costs, it announced. If you're driving for a medical or moving purpose your mileage rate jumps to 27 cents from 19 cents. If you're working for charity, the rate remains 14 cents per mile. Labels: auto, auto mileage, Cars, IRS, tax deduction
posted by Melanie G. Rogers at 9:27 AM
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There is an exciting business tool provided by http://www.MileageLogger.com that will help you capture your business mileage automatically, no need for pen and paper.
posted by
FMTech | June 26, 2008 8:39 AM
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