2 Important Changes in the Tax Law this Tax Season

The Standard Mileage Rates for travel in 2008 have improved to help compensate for higher gas prices experienced during the year. While the Kiddie Tax has been adjusted to include more children.

1. Standard Mileage Rates Change

The only standard mileage rate to not change is the mileage rate for volunteer travel. But all other forms including business and medical travel have increased. The mileage rate for business travel increases to 50.5 cents a mile for the first half of the year while the second half of the year gets … Read more at 2009 Taxes