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RUSHVILLE CHRYSLER-JEEP-DODGE
New & used vehicles with a full line service & parts dept. Call 765-932-2447 or 866-576-7874 or visit us on the web for more info.
rushvillechryslerjeepdodge.com

open 7 days! dine-in or carry-out
PIT STOP PIZZA & PUB
Open for breakfast at 6 a.m., Mon-Sat. Steak special Fri-Sat. Daily homemade meal specials. 711 N. Main Street in Carthage. 765-565-6078

the caring professionals
HINSEY-BROWN FUNERAL SERVICE
Two locations: 7355 S. State Road 109, Knightstown (765-345-7400) and 3406 S. Memorial Dr. in New Castle (765-529-7100)
hinsey-brown.com

family-owned/operated
LEAKEY INSURANCE AGENCY
Call 765-345-5171 for info/quote.
leakeyinsurance.com

body repair experts
KNIGHTSTOWN COLLISION CENTER
Call 765-345-5380 for info/quote or visit us at 221 W. Main Street

parts for mowers
SUPERIOR MOWERS & MORE
Call 317-462-1323 or visit us on the web for more info
superiormowers.com

a family tradition since 1898
CONDO & SON FUNERAL HOME
Funeral services, monument sales. 130 S. Main Street in Wilkinson. Call 765-781-2435.
condoandson.com

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 IRS Boosts Standard Mileage Rates

June 25, 2008 - The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The rate will increase to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.

In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

"Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."

While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.

The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.

The new six-month rate for computing deductible medical or moving expenses will also increase by eight (8) cents to 27 cents a mile, up from 19 cents for the first six months of 2008. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.

The new rates are contained in Announcement 2008-63 on the optional standard mileage rates.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

 

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