As a result of soaring fuel prices, the IRS has increased the mileage rate to .585/mile effective 7/1/08.
This is probably a good time to remind taxpayers that you need documentation to claim this rate.
At a minimum, this documentation should include the following.
Date
Trip ( From/To )
Number of miles
Reason for Trip
If you need any additional information regarding your business use of an auto, please call me at 513-683-0520 or email at gtvcpa@yahoo.com.
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