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IRS Announces Higher Standard Mileage Rate of 50.5 Cents per Business Mile for 2008 - The IRS announced that the standard mileage rate will increase to 50.5 cents per business mile driven in 2008. That is an increase of approximately 4% over the 48.5 cents allowed in 2007
IRS Announces Higher Standard Mileage Rate of 50.5 Cents per Business Mile for 2008

 

NewswireToday - /newswire/ - Woburn, MA, United States, 2007/11/27 - The IRS announced that the standard mileage rate will increase to 50.5 cents per business mile driven in 2008. That is an increase of approximately 4% over the 48.5 cents allowed in 2007.

   
 
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"When you use your car for business, driving between job sites is deductible. So is driving between your home and a temporary job site, job interviews, and conferences. Commuting between your home and a regular place of business generally isn't tax deductible," explains Andrew Schwartz CPA, founder of FindAGoodCPA.com, a site where taxpayers can locate and interact with tax professionals in their metropolitan area based on the professional's specialty.

There are two ways for you to calculate your automobile expenses. You can either claim $.505 per business mile driven in 2008 (increased from $.485 for 2007), or you can base your deduction on the percentage of miles your car was driven for business multiplied by the actual costs incurred during the year. Allowable costs include gas, insurance, repairs, parking at home, and either your lease payments, or if you own your car, a factor for depreciation.

"Generally, unless you drive your car relatively few miles each year, with most of those miles being allowable business miles, you're better off basing your deduction on the standard mileage rate," says Schwartz.

How to Claim The Deduction:
Taxpayers who are compensated as employees generally will claim their deductible automobile expenses as an unreimbursed employee business expense. These type expenses are reported on a Form 2106 and are deducted as a miscellaneous itemized deduction on the Schedule A. Keep in mind that miscellaneous itemized deductions are only allowable to the extent they exceed 2% of your income, and are not allowable when calculating your Alternative Minimum Tax (AMT).

Those taxpayers compensated as independent contractors will generally claim their allowable automobile expenses directly against their self-employment income. For these taxpayers, automobile expenses should be reported the Schedule C.

Other Deductible Miles:
The use of an automobile in connection with a charitable activity is deductible at a rate of 14 cents per mile in 2008 and should be reported with other charitable contributions as an itemized deduction of the Schedule A. Any mileage driven in connection with a qualified move is deductible at a rate of 19 cents per mile in 2008, down from 20 cents per mile in 2007, and should be reported on a Form 3903.

And don't forget that medical related mileage is also deductible. For 2008, medical mileage is allowable at 19 cents per mile, and should be reported with all other medical expenses on the Schedule A.

About Andrew D. Schwartz CPA
Andrew D. Schwartz, CPA is the founder of FindAGoodCPA.com, a site where taxpayers can interact with CPAs and EAs based on the professional's speciality. Schwartz has provided tax and basic financial planning advice in interviews with various media, including the Washington Post and Wall Street Journal. He is available for interviews

 
 
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IRS Announces Higher Standard Mileage Rate of 50.5 Cents per Business Mile for 2008

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