RISMEDIA, Nov. 30, 2007-The Internal Revenue Service (IRS) has announced the national per-mile business driving rate of 50.5 cents for the U.S. taxpayer, effective January 1, 2008. This compares to a rate of 48.5 cents-per-mile during 2007.
“The increase in the 2008 national per-mile rate reflects a combination of factors, including higher fuel prices, rising insurance costs, and higher depreciation costs,” notes Ted Schuerman, Director of Research & Client Service within Government Services at Runzheimer International. “Remaining cost components, such as maintenance and registration costs, remained relatively stable,” states the vehicle cost expert.
To establish the annual per-mile rate, the IRS works closely with Runzheimer International, the Rochester, Wisconsin-based management consulting firm specializing in vehicle, travel, and living costs which has provided this service to the IRS since 1980. The 50.5 cents-per-mile standard is the amount the U.S. taxpayer can deduct for vehicle expenses on his or her 2008 tax return for business miles driven.
For more information, visit http://www.runzheimer.com/.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com