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IRS Mileage Rate Increase for Businesses

By
Real Estate Agent with Realty Executives AZDRE# SA529868000

IRS FormsIn a news release yesterday from the IRS (IR-2008-82) business owners who use the standard mileage deductions must account for miles and report miles as accumulated from January 1st, 2008 through June 30th and July 1st 2008 through December 31st, 2008.  In order to prepare your tax return, you'll need the mileage log per period since the mileage rates now vary.

The IRS normally evaluates the mileage yearly but indicated:

"Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."

Mileage Rate Changes

Purpose 

  Rates 1/1 through 6/30/08 

  Rates 7/1 through 12/31/08 

Business

50.5

58.5

  Medical/Moving    

19

27

Charitable

14

14

 Shar Rundio (Keller Williams Integrity First Realty): Real Estate Agent in Mesa, Maricopa County, Arizona

Bill C. Merrell
Merrell Institute ~ Appraisal Education Network - Bohemia, NY
Ph.D. - Merrell Institue

Got to love it, but it still costs more to gas up the car and keep it mechanically poerating.

Thanks for sharing this information. Good news for professionals.

Bill

Jun 25, 2008 06:13 AM
Doug Fritchie
DOUG FRITCHIE-Silver Legacy Properties,Inc. - Portland, OR

Hey Shar ~ Nice post with great information. It is nice to see the IRS trying to help us out a little.

Jun 25, 2008 09:28 AM
Yvonne Brown
Century 21 Northwest - Gilbert, AZ
Thanks for the info! Its reassuring that atleast they are trying to keep up! Now if only they could do something about those gas prices....
Jun 30, 2008 03:19 AM
Troy Brock
Keller Williams Integrity First - Phoenix, AZ

Awesome information regarding new mileage rates!

Jun 24, 2009 06:21 AM