2008 Mileage Rate Changes
Posted on 24. Nov, 2008 by Terry in Deductions, Tax Changes
Because the cost of gasoline was so high during 2008, the IRS has increased the amount you can write off for mileage this year.
The standard mileage rate for business use of your vehicle this year will be:
50.5 cents per mile for the period 1 Jan 2008 – 30 June 2008.
58.5 cents per mile for the period 1 Jul 2008 – 31 Dec 2008.
If you itemize medical expenses, you can claim 19 cents per mile for the January thru June period and 27 cents per mile for the period July through December. The same rates also apply to moving expenses, if you made a deductible move.
Charitable related mileage remains the same for this year and it is written off at 14 cents per mile.
I will be posting some of the additional changes related to this years Income Tax Return in the next few days.
