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Groen, Kluka & Company, P.C.
Certified Public Accountants & Management Consultants
888 West Big Beaver Road, Suite 790
Troy, MI 48084
Kevin Delaere
Groen, Kluka & Company, P.C.
888 West Big Beaver Road, Suite 790
Troy, MI 48084
Phone: 248.362.5000
Fax: 248.362-0999
http://www.groenkluka.com
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Standard Mileage Rate Increases
The IRS has announced an increase in the optional standard mileage rates for the second half of 2008 for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective July 1 through December 31 of 2008, the standard mileage rates are as follows:
The IRS has announced an increase in the optional standard mileage rates for the second half of 2008 for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective July 1 through December 31 of 2008, the standard mileage rates are as follows:
- Business use of auto: 58.5 cents per mile may be deducted (up from 50.5 cents per mile for the first six months of 2008) if an auto is used for business purposes
- Charitable use of auto: 14 cents per mile may be deducted (remaining unchanged) if an auto is used to provide services to a charitable organization
- Medical use of auto: 27 cents per mile may be deducted (up from 19 cents per mile for the first six months of 2008) if an auto is used to obtain medical care (or for other deductible medical reasons)
- Moving expense deduction: 27 cents per mile may be deducted (up from 19 cents per mile for the first six months of 2008) if an auto is used to effect a work-related move to a new home