Due to higher gas prices the government has changed the standard mileage rate for the second half of 2008. You should take an odometer reading so you know how many miles you have driven the first half of the year and then again on December 31 so you have the total miles driven.

The business reimbursement rate is $.585 cents per mile and the rate for either medical or moving miles is $.27 cents per mile. The charitable rate is frozen at $.14 cents. At tax time, it will be necessary and to your advantage to know how many miles you drove in each category for each half of the year.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.