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August/September 2008 Tax Tip
Additional Changes to the IRS Cents-Per-Mile Deduction
With fuel prices at record highs, the IRS has raised the standard mileage rate for business driving to 58.5 cents per mile starting July 1, 2008. This is an increase of 8 cents per mile. The mileage rate for 2009 will be announced in the fall.
The new mileage rate for medical and moving expenses will increase to 27 cents per mile for the second half of the year. This has also increased 8 cents per mile.
The rate for providing services for charitable organizations is set by law, so only Congress can change it, not by the IRS, and it remains at 14 cents per mile. Lawmakers have no plans to change it. Their last change was 2006 for Katrina-related driving.
If you have questions, call Robert Freed, Director of Tax Services, at 302-737-6200, toll free at 800-347-0116, or e-mail rfreed@santoracpagroup.com.
Click here to see archived copies of previous tips.
2007-2008 Tax Planning Guide Available
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To help take advantage of all the tax breaks you’re entitled to, we are pleased to offer our 2007-2008 Tax Planning Guide. It highlights important tax law changes and provides an overview of new and proven ways to reduce your personal and business tax liabilities. |
Read the monthly Tax Report newsletter below.
Call Robert Freed, Director of Tax Services, at 302-737-6200, toll free at 800-347-0116, or e-mail rfreed@santoracpagroup.com, if you would like to discuss your tax needs in more detail.