St. Petersburg CPA
& Tax Advisor
Since 1989
& Tax Advisor
Since 1989
727-328-2900
[View Article List] [Go Back]
Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Dip in the Standard Mileage Rate
The IRS increased the standard mileage rate in the middle of last year. Now it has found a middle ground.
The standard mileage rate may be used in lieu of deducting actual business-related expenses of a vehicle. It was 50.5 cents per business mile traveled (plus related tolls and parking fees) for the first six months of 2008. Then the IRS raised the rate to 58.5 cents for the last six months. The IRS recently announced that this figure has declined to 55 cents per business mile for 2009.
Note: Even if you use the standard mileage rate, you still must keep records showing the date, place, mileage and business purpose of all your trips.
[View Article List] [Go Back]
TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
| Home | About Us | Resources | Contact Us | Free Consultation | Links |
727-328-2900