FYI...in case you missed it...IRS mileage increase

bigwaylon

bigwaylon

Well-Known Member
Joined
Mar 22, 2005
Location
Charlotte
some of you may work for employers that don't pass this information on in a timely manner (my mother-in-law was underpaid for several years), I just noticed that the IRS mileage reimburse rate went up effective 7/1/08 for the remainder of the year...announcement was 6/23/08.

it was 50.5 cents...is now 58.5 cents...

just making sure those of you that drive your personal car a lot know of the change...here's the IRS document in case anybody at your company questions it:

http://www.irs.gov/newsroom/article/0,,id=184163,00.html

Greg
 
What are the rules regarding this? Is it not more of a suggestion than a steadfast rule?

I am pretty sure my company doesn't pay this, but I really don't use my personal vehicle for anything at this time.
 
awspence said:
What are the rules regarding this? Is it not more of a suggestion than a steadfast rule?

I am pretty sure my company doesn't pay this, but I really don't use my personal vehicle for anything at this time.
Click to expand...


a snippet from the link I posted above:

The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.


in other words...if you're deducting it on your taxes, use it...

your company can pay you whatever it wants (I guess...I don't think it's a an official "minimum"...) but they can use for comparison...

I work for AT&T, which has the second largest fleet in the US (according to an article I read last week...UPS is first), and it's company policy here to always use the IRS rate.

Greg
 
We get .25 per mile where I work. Can't even operate a vehicle at that rate. I'm pretty sure that the company claims the full amount though. :driver:
 
You can deduct the difference between the IRS rate and the reimbursed rate, at least according to my CPA....
 
SkyHiK5 said:
You can deduct the difference between the IRS rate and the reimbursed rate, at least according to my CPA....
Click to expand...

X2.
So, if the ocmpany only pays you 0.25 per mile, come Aprile, you can deduct the remaining 0.33.5
 
SkyHiK5 said:
You can deduct the difference between the IRS rate and the reimbursed rate, at least according to my CPA....
Click to expand...


that would make sense...

I've always either driven a company car, or gotten reimbursed at the IRS rate (it's part of our voucher system, we just punch in the miles and it calculates the total), so I've never thought about all the possibilities...


Greg
 
Well I have a company car and mileage considerations as my company provides a vehicle that will not meet all of my job requirements...:WTF:...
 
Back
Top