If you use the standard mileage calculation for deducting your automobile expenses for your eBay business on your tax return the IRS has some good news for you. Due to higher gas prices, the IRS has announced an increase from $.505 a mile to $.585 a mile for all non-remibursed business mileage driven after July 1, 2008.
The old rate of $.505 will still apply to mileage driven during the first half of 2008.
Photograph by Michael R. Johnson.
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June 26th, 2008 at 9:22 am
Yippee! Thanks for passing on the good news, and the heads up. Gas is my biggest expenditure outside of the costs for items I buy to resell. Driving to garage sales and fleamarkets all ads up.
I’m very grateful to be connected to this blog. I learned about it at eBay Live in the Blogging seminar with Belicove and Lindquist.
Keep up the great work!
June 26th, 2008 at 1:39 pm
jwenck,
Thank you for the kind words about the Rebel. Mentioned at eBay live? Not sure I want to be that well known.
Gary H.
June 26th, 2008 at 4:37 pm
There is an exciting business tool provided by [edited] that logs business miles automatically, no more pen and paper.
June 26th, 2008 at 7:21 pm
taxguru,
I’ve edited out the link in your post. I’m sorry, but when someone registers here and then two minutes later their first comment to the blog contains a link to a $200+ product, I start thinking affiliate link or self promotion.
I don’t use the blog as a promotional or affiliate tool, and see no reason why others should either.
Gary H.