IRS Increases Mileage Rates through 12/31/08

IR-2008-82, June 23, 2008

WASHINGTON — 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, 2008, through Dec. 31, 2008. 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.

Call for TRLP Graduates to Respond

Please this is a call for testimonials for the Texas Realtors Leadership Program, and a call for you to recruit new candidates for "Class IV". Please send your summary, testimonial, statements, memories, recommendations, thoughts and praises, so they can be collected into a promotional presentation in the interest of new candidates for Class IV. Your contributions will be greatly appreciated by the program, and time is of the essence. The deadline for new applications is July 31st, so each of you please find a recommended candidate. Please send your contributions to the webmaster and please send your candidates here to get an application and to view the presentation.

The link for the application is in the link list on this blog or on the Home site

On May 27, 2008, NAR and the U.S. Department of Justice......

On May 27, 2008, NAR and the U.S. Department of Justice reached a favorable settlement concluding a two-year DOJ investigation (followed by two and a half years of litigation) regarding NAR's multiple listing policy as it pertained to the display of listings from the MLS on brokers' virtual office Web sites, or VOWs. A brief settlement summary

NAR/DOJ Settlement - A conversation with Saul Klein and John Reilly.

http://www.youtube.com/watch?v=3F7L8gtujCw

U.S. Department of Justice's decision to sue NAR

U.S. Department of Justice's decision to sue NAR over its new policy governing the display of multiple listing service data on Internet Web sites - a brief history of the NAR/ DOJ lawsuit by Saul Klein and John Reilly.

Lawsuit History - Part 1

http://www.youtube.com/watch?v=wPTV5SAat6A

Lawsuit History - Part 2

http://www.youtube.com/watch?v=mi6D7Xg0jhk

SAVE THE DATES.........

Congrats Coyle, Dave, Diane, Joey, Matt, Leisa, Tony, Mary, Bob, Larry, MaryN, Cheryl, Wade, Russ, Susan, Shelly, Cheryl S, Bob S, Marybeth, & June ! ! ! ! !

Here are some dates to remember......... please feel free to share your important dates with me ........ hope to see you soon .......and/or see you in San Antonio in September.

June 11th Ft.Worth AOR 90th Birthday w/Charles McMillan in attendance. 5pm

June 20th Lake Cities AOR TREPAC Jail/BarBQue Downtown Garland 11a-2p. I need your support.....cost is $25 .....IF you cannot attend, please consider mailing in BAILMONEY to bail ME out of JAIL. You get TREPAC credit just include your license number on your check. THANK YOU!

June 25th Lake Cities AOR Going GREEN with Bob McCranie presentation at MLS meeting Downtown Garland at 830am

July 2nd WCR Metroeast presents PAT ZABY luncheon $20 11:30 at D.A.C.

August 16th REALTOR NIGHT at Ft Worth Stockyards **RODEO** Join CCAR, LCAR, and other associations for a great night of FUN. This is a TREPAC event. Ticket includes parking, dinner, auction, and RODEO. 5pm - midnight

September 6th - 11th TEXAS REALTORS Convention and Trade Expo In San Antonio. TexasRealtors.com