When keeping a mileage record for reimbursement of business mileage be sure to indicate in your journal what the purpose was for each trip. It is not enough to just mark it as 'business'. If you are audited the IRS will not accept that as well documented.
In other words if you are, for example, showing a client a property - indicated that including client name and the location of the property.
It's always better to over document than not provide enough information.
Showing posts with label mileage rates. Show all posts
Showing posts with label mileage rates. Show all posts
Thursday, April 9, 2009
Wednesday, February 18, 2009
Mileage Rates
Last July the IRS raised the business mileage rate to $0.585 per mile due to the rapidly rising fuel prices. Now that the price of gas has significantly decreased the IRS has lowered the mileage rate for 2009 to $0.55 per mile for business use.
The mileage rate for medical use is now $0.24 per mile.
The mileage rater for charitable purposes is $0.14 per mile.
The mileage rate for medical use is now $0.24 per mile.
The mileage rater for charitable purposes is $0.14 per mile.
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