The mileage tax allowance for the second half of 2008 has been raised to $0.58 per mile for business purposes according to the Federal Government website: http://www.irs.gov/taxpros/article/0,,id=156624,00.html
With this raise in your deduction it is even more important that you keep accurate records for your business mileage. By raising the mileage tax allowance, the Federal Government is now giving you more of a deduction and thus lowering your tax bill. However, some analysts believe that this is a double edged sword - you get a larger deduction but the IRS just might be examining your mileage logs more closely.
Don't trust your more important than ever mileage logs to an old, manual system.
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