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Tuesday, June 24, 2008

About Taxes: IRS Increases Standard Mileage Rate

About.com   Taxes
In the Spotlight | More Topics |
  from William Perez
With the price of gasoline rising dramatically, the IRS has increased the standard mileage rate by eight cents a mile.

 
In the Spotlight
Standard Mileage Rate Increases by 8 Cents
The IRS has increased the standard mileage rate for taxpayers who drive their cars for business and medical purposes. Starting July 1, 2008, the standard mileage rate will be 58.5 cents per mile for business use and 19 cents per mile for the medical and moving purposes...read more

 
         More Topics
Foreign Bank Account Reports Due June 30th
If you have $10,000 or more in foreign bank accounts, including brokerage and certain types of retirement accounts, you are required to submit a report to the Treasury Department. The foreign bank account report is due on June 30th to report accounts held during the previous year...read more

 
IRS Drops Interest Rate on Late Payments
Interest charged on balances owed on federal taxes will drop to 5% starting July 1, 2008, down two percentage points since the beginning of the year. Interest rates affect taxpayers who have an unpaid balance with the IRS or whose refunds have been unreasonably delayed by IRS processing...read more

 
 
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