Monday, July 28, 2008
Internal Revenue Service increases mileage rates through December 31, 2008
The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008.
Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008.
This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008.
The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
"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." .
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008.
This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008.
The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
"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." .
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
Labels: automobile, bussiness, charitable, gasoline price, impact. Americans, IRS, medical, mileage rates, reimbursement, taxpayers
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