What is the new mileage reimbursement rate for July 1, 2008 and beyond?

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Discussion Overview

The thread discusses the updated IRS mileage reimbursement rate effective July 1, 2008, and participants share their reactions and questions regarding this change, as well as how to record it in a specific software tool.

Discussion Character

  • Exploratory
  • Anecdotal
  • Technical explanation

Main Points Raised

  • One participant shares that the revised IRS mileage reimbursement rate is 58.5 cents per mile effective July 1, 2008.
  • Another participant expresses excitement about the new rate and thanks the original poster for sharing the information.
  • Several users mention the previous rate of 50.5 cents, with one participant reflecting on their lack of awareness regarding the rates and potential tax implications.
  • One participant asks for clarification on how to input the new rate into a specific software tool (P3).
  • Another participant provides step-by-step instructions for entering the mileage rate in P3.
  • Some participants inquire about the mileage reimbursement rate applicable in Canada.
  • One participant expresses curiosity about the purpose of entering the rate in P3, with another clarifying that it ensures accurate records for tax purposes.

Areas of Agreement / Disagreement

Views differ regarding the understanding and application of the mileage reimbursement rate, with some participants expressing confusion about tax implications and software usage, while others provide assistance and clarification.

Contextual Notes

The discussion primarily revolves around the IRS mileage reimbursement rate and its implications for tax reporting, with a focus on personal experiences and software usage among participants.

Who May Find This Useful

Consultants who are looking for information on the updated mileage reimbursement rate and how to record it in their financial software may find this discussion helpful.

baychef
baychef
Silver Member
Messages
2,833
This is an announcement through my work:
The revised IRS mileage reimbursement rate EFFECTIVE July 1, 2008 will be 58.5 cents per mile. This rate is for mileage traveled July 1, 2008 and after, until further notice.
 
That is GREAT news!! Thanks for posting this.:):):):):)
 
  • Thread starter
  • #3
Not a problem. And for those of you who are asking the same question I did....what are they now? They are 50.5 cents! (There, hopefully I helped save someone from feeling as stupid as I did!!)
 
baychef said:
Not a problem. And for those of you who are asking the same question I did....what are they now? They are 50.5 cents! (There, hopefully I helped save someone from feeling as stupid as I did!!)
Click to expand...

I was going to ask so thank you! I don't pay attention but I also don't know if I got screwed on last year's taxes since I didn't know the rate. I'll have to remember to put all this in P3 this year.
 
Thanks so much for sharing, Ann!
 
can anyone tell me how to put this in P3????
 
Anyone able to point me to where I might find the same type of info for Canada? PP has an automatic default of 25 cents, but if I knew the current rate, I would very quickly change that ...
 
For those using P3:1. Choose File, New, Income and Expense Transaction.
2. Click on edit categories (right middle of the box).
3. Find mileage in your list, click on it and edit the rate.
4. Click finish.
 
can I ask what that does by putting it in p3?
 
melaniepc said:
can I ask what that does by putting it in p3?
Click to expand...

Your records/reports will be correct when you go to do taxes.
 
oh okay, I forgot about taxes!!
 

Frequently Asked Questions

What is the new mileage reimbursement rate for July 1, 2008?

The new mileage reimbursement rate for July 1, 2008, is 58.5 cents per mile driven for business purposes.

How is the mileage reimbursement rate determined?

The mileage reimbursement rate is determined by the Internal Revenue Service (IRS) and is based on the costs associated with operating a vehicle, including fuel, maintenance, and depreciation.

Will the mileage reimbursement rate change in the future?

Yes, the mileage reimbursement rate can change annually or as needed based on fluctuations in vehicle operating costs. It is advisable to check the IRS website for the most current rates.

How can I keep track of my mileage for reimbursement?

You can keep track of your mileage using a mileage log, a mobile app designed for tracking business miles, or a spreadsheet. Be sure to record the date, purpose of the trip, starting and ending odometer readings.

Can I claim mileage reimbursement for personal trips?

No, mileage reimbursement can only be claimed for business-related trips. Personal trips are not eligible for reimbursement under IRS guidelines.

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