Tuesday, June 24, 2008

IRS Indigestion helps Taxpayers

The IRS has gas on their mind and this is great for the individual and small business taxpayer. According to a recent newsroom article the standard mileage rate will increase through December 31st 2008. The new 6-month increase is a direct result of the economy and high fuel prices. The new rates go into effect on July 1 2008 are as follows:

Business - 58.5 cent per mile

Medical Moving – 27 cents per mile

The mileage rate for charitable contributions (14 cents per mile) remains unchanged. Be sure to speak to your tax advisor regarding this change and taking the standard mileage rate for this year.

Keeping Your Business N Synergy

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