The IRS has set new vehicle mileage rates for 2009!

The IRS announced that it is changing the Standard Vehicle Mileage rates for business, charity, moving and medical. They changed the rate earlier this Summer (July 1st to be exact) because of the fast rise in gas prices.

For the most part, there was one set of mileage rates in effect for the first half of this year, and a different set of mileage rates for the second half of the year.

Following is a listing of Standard Mileage Rates which were in effect from January to June of 2008,
and July through December of 2008, along with the new mileage rates for 2009.

Business Rates:
2008 - January through June: 50.5¢ per mile
2008 - July through December: 58.5¢ per mile
2009 - is set at 55¢ per mile

Medical:
2008 - January through June: 19¢ per mile
2008 - July through December: 22¢ per mile
2009 - is set at 24¢ per mile

Moving:
2008 - January through June: 22¢ per mile
2008 - July through December: 27¢ per mile
2009 - is set at 24¢ per mile

Charity:
2008 - 14¢ per mile
2009 - 14¢ per mile  (no change)

As you see, the IRS picked a mileage rate for 2009 that was between the low rate and the high rate for 2008 since gas prices have dropped so much from Summer.

So, all you business owners, especially home-based business owners and network marketers, it is very important that you start to track your vehicle mileage business expenses to and from your home office. I always tell people, with the business mileage deduction set at over 50¢ a gallon, if you are not taking advantage of this valuable business expense, then stop your car every 2 miles and throw a $1 bill out the window.

It is important for you to understand what all of the business expenses are that are available to you, as long as your are operating your home business with the intent to make a profit.

You can learn more about all the home-based business tax deductions that area available to you by downloading my Special Tax Savings Report at http://homebusinesstaxsecrets.net. I charge $17.95 for this report, however, for the next 25 people who want this valuable information I will give it away for free (Merry Christmas). When you get to the shopping cart, simply enter SR100%Discbw (not case sensitive) in the Coupon Code field and your cost will be ZERO.

Anyway, I hope you enjoy the report and make sure to take every allowable tax deduction allowed by law.

Blake Warrington

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