During the month of July we logged 991 business related miles, and because the mileage deduction rate increased on July 1, 2008 from 50.5 to 58.5 cents per mile, we'll be seeing $579.74 in deductible business mileage expense! Add to that another 2152 business related miles to attend a trade show in Chicago, and that adds another $1259 in payback. (we need to confirm if the miles for the the trade show trip are allowable with our tax professional)
Since installing the Mileage Logger in May, 2008 we've documented approx. $2500 in business mileage deductions. Are you logging your miles automatically and deducting every mile you're entitled to? Start logging your business miles automatically with the Mileage Logger.
Click on any banner to purchase yours!
Wednesday, July 30, 2008
Tuesday, July 8, 2008
1357 Business Miles in June / $685 in Payback
For the month of June, 2008 we logged 1357 business related miles, which comes to $685 in business mileage deductions! (Based on the 50.5 cents per mile allowance prior to 7/1/08) As of July 1, 2008 the IRS raised the mileage deduction for business to 58.5 cents per mile, so your savings are now even greater! Click any banner ad to learn more or to purchase your own Mileage Logger. As an added bonus, the device is tax deductible!
Monday, July 7, 2008
Mileage Logger is Also a GPS Tracking Device!
If being able to log your business miles accurately and deducting 58.5 cents per mile isn't enough, the Mileage Logger also doubles as a GPS Tracking Device! This means you can keep tabs on your teen drivers or employees who drive your vehicles and know where your vehicle is located at all times. Click a banner ad to learn more about how the GPS Tracking Features work and how you can benefit. (some insurance companies offer discounts for vehicles equipped with tracking devices - consult with your agent)
Wednesday, July 2, 2008
IRS Increases Mileage Deduction to 58.5 cents mile effective July 1, 2008!
The 2008 IRS mileage rate for business use is:
50.5 cents per mile from January 1 through June 30
58.5 cents per mile from July 1 through December 31, 2008
The business mileage reimbursement rate is used to calculate the deductible costs of operating a car (also vans, panel or pickup trucks) for business. The IRS releases a new federal rate at least once a year. The 2008 standard mileage rate is the highest ever. Effective June 23, 2008, these standard rates were updated to accommodate the upward cost of vehicle operation; you can read the full article at
http://www.irs.gov/newsroom/article/0,,id=184163,00.html
50.5 cents per mile from January 1 through June 30
58.5 cents per mile from July 1 through December 31, 2008
The business mileage reimbursement rate is used to calculate the deductible costs of operating a car (also vans, panel or pickup trucks) for business. The IRS releases a new federal rate at least once a year. The 2008 standard mileage rate is the highest ever. Effective June 23, 2008, these standard rates were updated to accommodate the upward cost of vehicle operation; you can read the full article at
http://www.irs.gov/newsroom/article/0,,id=184163,00.html
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