I have talked to a few independent contractors who had not heard the news, so as a mini public service announcement, here is a link to the IRS website note announcing the increase in mileage rates – for July 1 to December 31, 2008 – to 58.5 cents per mile.
As many of you (hopefully) know the rate was set at 50.5 cents per mile in January 2008.
Be sure to update your Mileage rates in QuickBooks or any other accounting software you might use to maximize your tax deductions, and to properly pay your employees and subs that expense mileage.
UPDATE: January 2009
The IRS has posted the new mileage rates for 2009. Beginning January 1, 2009 the rates are now 55 cents per mile.
Filed under: Finance
