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Archive for November 25th, 2008

Obambi’s Tax Plan

Posted by taxguru on November 25, 2008

Excellent video of Obambi explaining his taxation policy, with editorial commentary from Penn Jillette. 



This was produced before the election; but shows why those of us in the tax reduction profession are going to be super busy for the next several years.


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2009 IRS Mileage Rates

Posted by taxguru on November 25, 2008

From the IRS website:

Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 55 cents per mile for business miles driven
  • 24 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

As described in Revenue Procedure 2008–72, the depreciation portion of the standard rate is 21 cents per mile for 2008 and 2009.  This is useful info for calculating depreciation recapture on vehicles that are sold after using the standard rate. 

Posted in Vehicles | Comments Off on 2009 IRS Mileage Rates