Monday, August 11, 2008

Mileage Rate Increased

Tired of paying rising gas prices everywhere you go? Are you going through lifestyle changes in order to fight the rising cost of fuel? Is your business or job being suffocated by the financial crunch of keeping vehicles on the road in order to continue business as usual? There is some help on the horizon.

The IRS just raised the mileage rate for the 2008 tax year beginning in July. The rate for January 1, 2008 until June 30, 2008 is 50.5 cents per mile. As of July 1st the rate is increased to 58.5 cents per mile for the remainder of the 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." This statement coming from a recent article on the IRS website posted June 23, 2008.

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