The IRS has announced a change to the allowable mileage expense beginning on July 1, 2008. The current mileage expense of 50.5 cents per mile will be increased to 58.5 cents per mile. The IRS requires that mileage be logged for business miles if you intend to deduct mileage on your tax return.
Agency Consulting Group, Inc. offers a free mileage log designed exclusively for the Insurance Agency Industry. If you would like to receive a copy of this log suitable for logging mileage for tax purposes, or if you have any questions about the taxation and how it affects your agency, please call our TAX HOTLINE at (800) 779-2430.