High fuel prices are even getting the attention of the Internal Revenue Service.  Monday they announced they are raising the mileage allowance that business and self employed individuals can claim for the remainder of 2008. Effective July 1, the agency will raise the optional standard rates for vehicles from 50.5 cents per mile to 58.5 cents.  The new rate also applies to those opperating automobiles for charitable, moving and medical purposes.

 
Posted by Susan McQuaide on 06/24/2008 06:01 AM   Comments (10)   , , ,  
Post is included in group: Realtors®
Post is included in group: Keller Williams 'Rainers
Post is included in group: The Lounge at Active Rain
Post is included in group: Silent Majority

10 Comments on IRS takes pity on us self employed

Awesome news!

06/24/2008 06:04 AM by Kris Wales-Macomb County MI Real estate (RE/MAX Advantage 1, Inc.)

Yea, but don't you have to have actual income to use the mileage deduction? Bummer!

06/24/2008 06:08 AM by Dennis Swartz (Buyers & Sellers Realty GMAC)

They need to raise it even more. This doesn't really give me that much more of a deduction. But hey I will take what I can get.

06/24/2008 06:15 AM by Laura Jefferson..Lexington's Realtor (Asset Realty)

Susan  I think there is a different rate for charitable, moving and medical. I think it is in the 20's. I could be wrong but I believe that is what I saw.

06/24/2008 06:53 AM by Weichert Realtors Bridges & Co. Barry Bridges

Every little bit helps...it is expensive these days!

06/24/2008 07:02 AM by Gary Waters - Real Estate Agent Viera Suntree (Century 21 Baytree Realty www.moving2brevard.com)

That's what it said in the newspaper this morning - that's all I have to go by.

06/24/2008 08:11 AM by Susan McQuaide (Keller Williams)

Susan thanks for the news. I'll take it.

06/24/2008 08:40 AM by Kevin Robinson (Crownline Home Builders)

Thanks for the news. That is great. I agree it should be higher, but hey ever little bit here and there helps!!

06/24/2008 09:53 AM by Crystal Corr (Keller Williams Greenville Central)

Well that's good news.

06/24/2008 11:03 AM by Cheri' Smith (ERA Whitaker Realty)

Lol to Dennis - yeah, actually having an income to use for the mileage deduction is an important start!

06/24/2008 11:15 AM by January Financial

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Susan McQuaide (Keller Williams)
Susan McQuaide
Simpsonville, SC
More about me…
Keller Williams

Cell Phone: (864) 420-4452
Email Me

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find SC real estate agents and Simpsonville real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved