Due to higher gas prices, the Internal Revenue Service has increased the deductible business mileage rate to 58.5 cents a mile beginning on July 1st, 2008 and continuing until December 31, 2008.
They also increased the medical and moving rates to 27 cents a mile.
The rate for providing services to charitable organizations remains unchanged at 14 cents a mile. This rate is set by statute and can not be changed by the IRS – only through the legislature.
For more complete information, see IR-2008-82.
Are you taking advantage of your mileage deductions? If you are unsure, be sure you read this former post related to your mileage deduction and automobile expenses.
Donna Bordeaux, CPA with Calculated Moves
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.