The IRS has issued Revenue Procedure 2008-72 announcing the 2009 standard mileage rates. The optional standard mileage rate for business miles will be 55 cents per mile beginning January 1, 2009. The depreciation component of the standard mileage rate is 21 cents per mile.
Wednesday, November 26, 2008
Thursday, November 20, 2008
Track Your Mileage in 2009
Now is the time to plan an important part of your tax strategy for 2009. Tracking mileage for business purposes, charitable contributions and medical visits can save you hundreds of dollars in taxes.
It amazes me when I speak to small business owners who do not track their mileage. Your company does not have to be a full-time venture in order to deduct the vehicle expenses associated with with your business activities. Trips to the post office, the office supply store and any number of business actions requiring the use of your automobile are legal deductions.
Our sponsor, MileageBooks.com, makes an excellent auto mileage log for tracking your trips. You'll need documentation so make sure to use this product or some sort of form that shows the date, destination and purpose of your trips along with beginning and ending odometer readings.
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