New Standard Mileage Rate (2008)

published July, 2008

Go get the mileage from your car. Do it today. Do it now. I’ll wait…..

If you’re a tax client, feel free to e-mail me a list of vehicles and the mileage. One less thing for you to try to find six months after the fact.

Since gas appears to be $5/gallon now, the IRS has increased the standard mileage rate from $0.505/mile to $0.585/mile starting July 1, 2008. So you need to be sure you’re keeping track of your business mileage. You need to keep track of mileage even if you’ll be using the “actual” expenses method because you have to split expenses between business and personal.

Of course, if you had the nifty Tax Buddha Mileage Log, you’d already be writing down your mileage. It’s a ‘free gift’ with the 8 Fold Path to Pay Less Tax and Avoid an Audit, our new product for business owners. We’ll be selling additional mileage logs separately at cost, just as soon as we can get them printed. Request yours today!