New IRS Standard Mileage Rates for 2008
December 14, 2007We just received the latest IRS e-News for Small Business, which is an email that we subscribe to in the hopes of learning about new tax changes that affect our business. This particular email was not included in our recent Emails/Newsletter We Receive That Helps Us in Our Business post. So, if you reside in the US, you might want to add this one to your list. You can access the subscription page to the IRS e-News Subscriptions by clicking here.
We feel the most important take away from the latest issue is that the IRS is increasing the standard mileage rates for 2008. The rate for 2007 is 48.5 cents per mile and is increasing in 2008 to 50.5 cents a mile. Every little bit helps! 
You do have your business reimburse you for miles you put on your car while using it for business purposes, don’t you? Of course, in order to do this, you have to actually be running a real business.
As an eBay seller, you can track the mileage to and from the Post Office when you drop off your shipments. You can track the mileage when you are out product sourcing. You can track the mileage when you are doing other business related activities. IRS Publication 463 has more information regarding vehicle expenses. Or better yet, consult your accountant to see how you should handle deducting car expenses.
It always pays to keep up-to-date on tax law changes that can affect your business. Hopefully your accountant will keep you informed, but we suggest you do what you can to keep on top of tax related issues yourself. 
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Dear Lizard Wisdom,
I am the communications specialist with the Internal Revenue Service, Small Business/Self-Employed (SB/SE)/CLD External Communications Branch, who edits e-News for Small Businesses at http://www.irs.gov/businesses/small/content/0,,id=154826,00.html.
Thank you for your 12/14 (above) recommendation of eNSB. As you indicate, it is one of SB/SE’s primary “outreach” vehicles to communicate to small businesses IRS announcements, what’s new on our Web site, IRS.gov, other breaking, tax-related news items, and reminders and tips to assist businesses with tax compliance.
The 2008 tax filing season is right around the corner. Now, paying taxes is never easy, and is certainly not a popular topic for businesses people, but the IRS is trying to ease the process with other products and services, such as our Tax Talk Today web cast at http://www.taxtalktoday.tv/.
I believe that your subscribers and customers would also greatly benefit from specifically learning about the IRS’s January Tax Talk Today (TTT) program, “Getting Ready for the Filing Season 2008: Part 2 (Businesses)”, on Tuesday, January 8, 2008 at 2 p.m.
The show’s panel of experts will discuss business tax return issues for small businesses and self-employed taxpayers, recent tax law changes and updates for the 2007 tax year, IRS regulations, business credits, common errors, and processing issues which impact filing business returns for the 2007 tax year.
Sponsored by the IRS, Tax Talk Today is a free, live, monthly interactive Web cast aimed at educating tax professionals and their business clients on the most contemporary and complex tax issues. They are encouraged to watch and submit questions. Tax professionals in need of continuing education credits (CECs) are eligible to receive one CEC by viewing the January 8th Webcast. Click on Continuing Education at the TTT Web site for more information.
The one-hour live programs begin at 2 p.m. ET on the second Tuesday of each month except April and August. In addition to viewing live Webcasts and archived programs, listening to audio podcasts and reading show transcripts, subscribers can order audio and video recordings from the Tax Talk Today Web site.
To access the Webcast at no charge, viewers can register online at http://www.TaxTalkToday.tv. Tax Talk Today can be viewed with Windows Media Player and Real Player. Both players are free software that may already be installed on your computer. If not, click the link for Installing System Software to view Internet Broadcast under “How to View.”
For more information on future programs, go to the TTT Web site and select Upcoming Programs.
To learn about the availability of other IRS products and services, subscribe to IRS’s e-News for Small Businesses. To see a representative sample and to start a free subscription to e-News, just go to IRS.gov at http://www.irs.gov/businesses/small/content/0,,id=154826,00.html type in your e-mail address and submit.
I hope that you will also consider recommending this Tax Talk Today show. It is just one of several products and services the IRS produces to educate small business taxpayers about important tax matters.
Thank you in advance for your interest and consideration.
John Berger
john.r.berger@irs.gov
I absolutely keep track of all my eBay related mileage such as thrift store shopping trips, post office trips, etc. I keep a spreadsheet of all of that info so at tax time everything is already calculated for me. So far this year I have logged about 2,200 miles. I am glad to hear the mileage rates are increasing along with gas prices!