New Mileage Rates from IRS
Hope you are all keeping track of your miles driven for business. The IRS is in a generous mood.
“Due to rising gas prices, the mileage rate will increase by eight cents to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008.”
Check the IRS website.
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Glenna Mae Hendricks. She is an entrepreneur and income tax consultant, so we get lots of good tax tips from her. She is an oenophile (“look that up in your Funk and Wagnall’s,” she says), and a wine enjoyment teacher/guide who also writes wine notes at the Allen’s Retail Liquors site. Her political thoughts (and occasional outbursts of domesticity) appear at Old Feminist and Wild-eyed Liberal.
For any of your readers who want a simple way to track mileage expenses, you might want to check out http://paybackable.com – it automatically calculates mileage expenses using the current IRS rates. Just enter the date of travel, a brief description and the number of miles driven – Paybackable does the rest, even when rates change. There’s a free plan for individuals and a 30-days free trial for companies with multiple users.
Hey, Kevin, thanks for the link to your site. I checked it out. It looks really usable. It is also great that you allow individuals to use for free!
There is an exciting business tool provided by http://www.MileageLogger.com that will capture your business mileage automatically, no need for pen and paper.