Frank DiPaola, EA

Frank DiPaola, EA

Tax Accountant
 Tax Form Processing LLC 
FOR THE TAXPAYERSM
www.TaxFormProcessing.com
2400 N Forsyth Road Suite 101
Orlando, FL 32807-6445
What's NEW for Tax Year 2008?
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Mileage Rates for Tax Year 2008

For tax year 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

Purpose Rate Per Mile from January 1 to June 30 Rate Per Mile from July 1 to December 31
Business $0.505 $0.585
Charitable $0.14 $0.14
Medical $0.19 $0.27
Moving $0.19 $0.27

NOTE: If you use the mileage rate, you may also be able to deduct parking fees, tolls, interest, and state and local taxes (other than gasoline taxes).

The "business" standard mileage rate CANNOT be used if:

  • You are using FIVE or more vehicles at the same time, such as in fleet operations,

  • You use the vehicle for "hire". For example, a taxicab or limousine,

  • You claimed depreciation on the vehicle, other than straight-line depreciation such as MACRS (Modified Accelerated Cost Recovery System) or ACRS,

  • You claimed any Internal Revenue Code Section 179 deduction on the vehicle, OR

  • You claimed bonus depreciation (special depreciation allowance) on the vehicle.


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