The Great Mileage Payback: IRS Increases Mileage Deduction to 58.5 cents mile effective July 1, 2008!

YOU CAN DEDUCT 50 CENTS/MILE FOR BUSINESSS MILEAGE IN 2010.

The IRS has reduced the business mileage deduction by 9% from the 2009 figures.

Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

50 cents per mile for business miles driven
16.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The Automatic Mileage Logger is tax deductible (consult your tax professional) and will help you reclaim what's yours. It can pay for itself in just a few weeks of driving and will ensure you are able to deduct every mile that you are entitled to claim for business, medical or charitable purposes. We have provided everything you need to know regarding the IRS Business Mileage Deduction and how it can help you, or your small business reclaim some of your fuel costs -- Just read through the Related Articles in the sidebar. We also have links related to tax information, tips and advice on using these deduction to your benefit. Read on, and watch the video to learn more about the Mileage Logger.

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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