IRS Announces 2008 Standard Mileage Rates

[Larks]

IR-2007-192, Nov. 27, 2007

WASHINGTON — The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

* 50.5 cents per mile for business miles driven;
* 19 cents per mile driven for medical or moving purposes; and
* 14 cents per mile driven in service of charitable organizations.

More
http://www.irs.gov/newsroom/article/...176030,00.html

[grunewar]

Well, that certainly makes it worth my while to drive an hour to do a game!

[FrankHtown]

50.5?? I guess they are anticipating fuel prices dropping!!

[Rizzo21]

Considering FICA, Fed. and State savings from that deduction and the fact that I get about 30mpg, it basically pays for my gas (but not wear and tear) at the current pump price. I'll take it.

[bob jenkins]

Originally Posted by Rizzo21

Considering FICA, Fed. and State savings from that deduction and the fact that I get about 30mpg, it basically pays for my gas (but not wear and tear) at the current pump price. I'll take it.

Oh, please.

At $3.00 / gallon at 30 MPG, your gas costs $0.10 / mile. Even if you pay $4.50 / gallon, that's still only $0.15 / mile. There's a lot to cover "wear and tear" and insurance and depreciation.

(I'm not saying that $0.505 covers it all; but it covers more than just gas)

[PADist1Ref]

Is it still true that one can only claim mileage if the trip originates from one's primary place of work and NOT from home?

[Ref in PA]

In my area of PA we are contractors and my place of business is my home (for reffing purposes). All milage to and from is deductable from schedule C.

[WhistlesAndStripes]

Originally Posted by PADist1Ref

Is it still true that one can only claim mileage if the trip originates from one's primary place of work and NOT from home?

Consult your tax professional. There are many different interpretations of what you can and can't deduct. It's really between you and your tax preparer and what you think you could reasonably defend in the event of an audit.

[Rich]

Here we go with all the non-tax-experts coming on and telling us EXACTLY what we're allowed to deduct cause their brother told them so. My home is my castle. I am taking the standard deduction for castles and royalty living within said castles.

[PADist1Ref]

So is it legal to claim all mileage or not?

[mkiogima]

From someone in the Accounting field, you may claim ANY mileage associated with travel to and from games; regardless where your trip originated from. You may also claim any expenses (not gas and food) related to officiating such as: shirts, pants, shoes, whistles, patches, bags, etc. Provided those items are used solely for the purpose of officiating. There are some other travel related items that can also be claimed: hotels, toll and bridge fares, etc.

In order to do this though, I strongly suggest you contact a tax professional.

[Bearfanmike20]

Originally Posted by mkiogima

From someone in the Accounting field, you may claim ANY mileage associated with travel to and from games; regardless where your trip originated from. You may also claim any expenses (not gas and food) related to officiating such as: shirts, pants, shoes, whistles, patches, bags, etc. Provided those items are used solely for the purpose of officiating. There are some other travel related items that can also be claimed: hotels, toll and bridge fares, etc.

In order to do this though, I strongly suggest you contact a tax professional.

I just purchased a vehicle and although I'm not using it just for Reffing, I'm still using it for reffing. Can I deduct the car??

[mkiogima]

Not the car but you certainly may claim the officiating related mileage accumulated in that car!

[Stat-Man]

Originally Posted by FrankHtown

50.5?? I guess they are anticipating fuel prices dropping!!

Seeing that the 2007 rate was 48.5 cents, I'm not surprised they raised to 50.5. (I figured it would be at least be up to 50 cents).

Oddly, though, the medical mileage rate is dropping from 20 cents to 19 cents.

This almost gives me motivation to do a "Family Circle" drive every time I go to a game.