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Posted by Bill Brown on June 23, 2008, 5:27 pm
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**BEGIN QUOTE**
IR-2008-82, June 23, 2008
WASHINGTON — The Internal Revenue Service today announced an increase
in the optional standard mileage rates for the final six months of
2008. Taxpayers may use the optional standard rates to calculate the
deductible costs of operating an automobile for business, charitable,
medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles
driven from July 1, 2008, through Dec. 31, 2008. This is an increase
of eight (8) cents from the 50.5 cent rate in effect for the first six
months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this
special adjustment for the final months of 2008. The IRS normally
updates the mileage rates once a year in the fall for the next
calendar 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."
While gasoline is a significant factor in the mileage figure, other
items enter into the calculation of mileage rates, such as
depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the
deductible costs of operating an automobile for business use in lieu
of tracking actual costs. This rate is also used as a benchmark by the
federal government and many businesses to reimburse their employees
for mileage.
The new six-month rate for computing deductible medical or moving
expenses will also increase by eight (8) cents to 27 cents a mile, up
from 19 cents for the first six months of 2008. The rate for providing
services for charitable organizations is set by statute, not the IRS,
and remains at 14 cents a mile.
The new rates are contained in Announcement 2008-63 on the optional
standard mileage rates.
Taxpayers always have the option of calculating the actual costs of
using their vehicle rather than using the standard mileage rates.
**END QUOTE**
[Source: http://www.irs.gov/newsroom/article/0,,id=184163,00.html]
Medical/moving mileage increased from $0.19 to $0.27 for the 2nd half
of 2008. Charitable mileage is unchanged at $0.14
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by removeps-groups@yahoo.com on June 23, 2008, 6:22 pm
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> Medical/moving mileage increased from $0.19 to $0.27 for the 2nd half
> of 2008. Charitable mileage is unchanged at $0.14
Why is it that charitable miles have not been increased, even for the
first half of 2008?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Phil Marti on June 23, 2008, 6:42 pm
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> Why is it that charitable miles have not been increased, even for the
> first half of 2008?
Read the OP again. The .14 rate is hard coded in the law. Write Congress.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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