WHAT'S NEW
What's new with the IRS?
The IRS has recently announced the mileage rates for mileage incurred in 2008.
The rates for January through June 2008 are:
Medical 19 cents per mile
Charity 14 cents per mile
Business 50.5 cents per mile
The rates for July through December, 2008 are:
Medical 27 cents per mile
Charity 14 cents per mile Business 58.50 cents per mile
Stimulus Payments
The IRS advised tax payers that in most cases they will not have to do any thing extra this year to get the economic stimulus payments beginning in May. "If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest." The IRS will use the information on the 2007 tax return filed by the taxpayer to determine eligibility and calculate the amount of the stimulus payments.
The IRS will begin sending payments in early May. Payments will continue over several weeks. If you had your refund on your tax return direct deposited, the IRS will also direct deposit your stimulus payment.
For more information, please feel free to contact our office.
