When it comes down to it, there’s only three certainties in life: death, taxes and the annual increase of the standard mileage rate. Scratch that. Starting in ’09, there’s only two.
That’s right, IRS just lowered the standard mileage rate for 2009. Starting next year: fifty-five cents per mile for each business-related mile driven.
The new rate is down 3.5 cents from the mid-year mileage hike IRS was forced to make when pump prices soared to $4 a gallon (and more in some places) nationwide.
But gas prices are down, too. So what’s the problem?
Just be prepared: Your A/P staffers are likely to hear it from employees who feel slighted — lower prices at the pump or not.
In addition to the drop in business-related mileage rates, the IRS also dropped the rate for medical or moving purposes to 24 cents per mile.
But the reimbursement rate for service of charitable organizations will remain at 14 cents per mile. So go out there and help your community!
