Bonnie Hellman on sat 28 jun 08
For US tax filers who use the "center per mile" method of deduction business
auto mileage, this will be of interest.
The Internal Revenue Service recently announced that starting on July 1st
(next week!) all business mileage for people using the "cents per mile"
method to record mileage on automobiles and light trucks will increase by
eight cents to .585 cents a mile.
This means that you should total your business miles from January 1, 2008
through June 30, 2008, and then total your business miles starting on July
1, 2008 through December 31, 2008 when preparing your 2008 tax return.
This increase is due to rising fuel costs.
Also of interest to some is that the new rate for computing deductible
medical or moving expenses will also increase by eight cents to 27 cents a
mile.
The rate for providing services for charitable organizations is set by
statute, not the IRS, and remains at 14 cents a mile, which hasn't changed
in many years.
Bonnie
Bonnie D. Hellman, CPA
email: mou10ms at frontier.net
Ouray, Colorado 81427
As required by United States Treasury Regulations, you should be aware that
this communication is not intended or written by the sender to be used, and
it cannot be used, by any recipient for the purpose of avoiding penalties
that may be imposed on the recipient under United States federal tax laws.
Bonnie Hellman on sat 28 jun 08
Sorry about my typo below. The message should read "cents per mile" as in:
For US tax filers who use the "cents per mile" method of deduction business
auto mileage, this will be of interest.
The Internal Revenue Service recently announced that starting on July 1st
(next week!) all business mileage for people using the "cents per mile"
method to record mileage on automobiles and light trucks will increase by
eight cents to .585 cents a mile.
This means that you should total your business miles from January 1, 2008
through June 30, 2008, and then total your business miles starting on July
1, 2008 through December 31, 2008 when preparing your 2008 tax return.
This increase is due to rising fuel costs.
Also of interest to some is that the new rate for computing deductible
medical or moving expenses will also increase by eight cents to 27 cents a
mile.
The rate for providing services for charitable organizations is set by
statute, not the IRS, and remains at 14 cents a mile, which hasn't changed
in many years.
Bonnie D. Hellman, CPA
mou10ms@frontier.net
home/office: 970-325-4131
fax: 970-325-0888
Verizon cell: 412-607-4455
PO Box 1210
Ouray, Colorado 81427
As required by United States Treasury Regulations, you should be aware that
this communication is not intended or written by the sender to be used, and
it cannot be used, by any recipient for the purpose of avoiding penalties
that may be imposed on the recipient under United States federal tax laws.
----- Original Message -----
From: "Bonnie Hellman"
To:
Sent: Saturday, June 28, 2008 11:51 AM
Subject: Increase in IRS rate for business mileage
> For US tax filers who use the "center per mile" method of deduction
> business
> auto mileage, this will be of interest.
>
> The Internal Revenue Service recently announced that starting on July 1st
> (next week!) all business mileage for people using the "cents per mile"
> method to record mileage on automobiles and light trucks will increase by
> eight cents to .585 cents a mile.
>
> This means that you should total your business miles from January 1, 2008
> through June 30, 2008, and then total your business miles starting on July
> 1, 2008 through December 31, 2008 when preparing your 2008 tax return.
>
> This increase is due to rising fuel costs.
>
> Also of interest to some is that the new rate for computing deductible
> medical or moving expenses will also increase by eight cents to 27 cents a
> mile.
>
> The rate for providing services for charitable organizations is set by
> statute, not the IRS, and remains at 14 cents a mile, which hasn't changed
> in many years.
>
> Bonnie
>
> Bonnie D. Hellman, CPA
> email: mou10ms at frontier.net
> Ouray, Colorado 81427
>
> As required by United States Treasury Regulations, you should be aware
> that
> this communication is not intended or written by the sender to be used,
> and
> it cannot be used, by any recipient for the purpose of avoiding penalties
> that may be imposed on the recipient under United States federal tax laws.
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