Irs mileage rate 2008 update

Additional Notes: The End Date will automatically populate when a new car mileage is entered. If the wrong mileage rate has been entered, click the Rate field within the associated effective date and update the mileage rate. The system does not allow for mileage rates to be removed or deleted. If the rate is entered with 3 decimals the system will round up the value. Example 0. Do not update the rate in the Rate box as this could impact your historical data.

Always create a new rate when you need to update the rates. For more information on mileage rates, refer to the guides below. Professional Edition Standard Edition. Labels Administrator Concur Expense How-to.

SAP Concur Concur. All rights reserved. The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman.

While gasoline is a significant factor in the mileage figure, other items enter into the calculation of IRS mileage rates, such as depreciation and insurance and other fixed and variable costs. 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. The new six-month rate for computing deductible medical or moving expenses will also increase by eight 8 cents to 27 cents a mile, up from 19 cents for the first six months of The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.