New IRS Mileage Rates

August 5, 2008

Finally some good news – especially with the outrageous price of gas right now, we are getting a bit of relief when behind the wheel – courtesy of the IRS! The IRS announced that effective July 1, 2008, mileage rates have gone up eight cents per mile for business, medical, and moving mileage. Check out the IRS website for the full scoop. Basically, business rates were 50.5 January 1 – June 20, 2008 and now they are 58.5 July 1 – December 31, 2008.

Okay, so I may be a virtual assistant, but I actually leave my office on occasion and get out and see a bit of this beautiful country. Even though I drive an economy car, I am extremely aware of the price of fuel these days and recently received a few tips about fueling up from my significant other who is a mechanic.

1) Make sure your vehicle is properly maintained: tuned up, clean air filter, and proper tire inflation.

2) Pump in the morning when the ground is coolest. The gas is more dense when it is cool and you’ll get more gas in your tank. Gas expands when it is warm so you’ll actually get less when it is warmer.

3) Fill up when your tank is half full – not on empty. There will be less space for the fuel to evaporate if the tank is half full.

4) Fuel up slowly. If you fully squeeze the trigger and pump fast, it creates more vapors which are sucked up back into the underground storage tanks! That’s why all of the filling stations have the fuel vapor recovery hoses.

5) Don’t fill up when the tanker is delivering gas. It stirs up all the sediment in the bottom of the storage tanks and it will go directly into your tank.

Hope you find these tips helpful.

Best to you,