In 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 |
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