Posted by WDMD on 6/24/08 5:18am
Msg #252698

IRS increases standard mileage rate

Beginning July 1 the business standard mileage rate increases from 50.5 cents per mile to 58.5 cents per mile.

Reply by Sharon Taylor on 6/24/08 6:17am
Msg #252704

Will it be retroactive to the 1st of the year?

Or will we need to separate mileage records into Jan 1 thru June 30 at 50.5 cents per mile and July 1 through Dec 31 at 58.5 cents per mile?

Reply by WDMD on 6/24/08 6:44am
Msg #252707

Not retroactive n/m

Reply by MikeC/NY on 6/24/08 5:24pm
Msg #252780

Re: Will it be retroactive to the 1st of the year?

These changes are rarely retroactive. You'll have to separate your mileage records, but that's not difficult to do if you're keeping a daily log.

Reply by JanetK_CA on 6/24/08 9:12pm
Msg #252818

Re: Will it be retroactive to the 1st of the year?

And it's been my understanding that if you are NOT keeping a daily log (with actual starting and ending mileage and business purpose), that you could have problems if audited.