For your consideration: Federal Standard Mileage Rates Change! Don’t forget. Seriously. Don’t forget!

Today’s Thursday Tip is a quick on, but it’s very, very important. Why? Because there are tons of people out there with software and mileage logs still calculating 2007’s mileage rate for 2008. In fact, there are tons of business men and women out there that don’t even log their business miles for deduction from their taxes at all. The Money Kings just don’t know what to say to these people . . .

How’s this:

The Money Kings mission is to help you make and save more money. We’re not trying to lecture you, and we’re not you’re dad. But, today we have to do the prudent thing and keep things short and sweet by reminding you that federal mileage rates change AND that you should keep track of these changes by visiting this web site:

http://www.irs.gov/newsroom/article/0,,id=176030,00.html

. . . early and often.

If you’re not itemizing your tax returns, then you should stop reading this post now and start reading our ENTIRE site from the very beginning. You “hafta” itemize. You “hafta” maximize your financial potential by whatever legal means necessary. You “hafta” RULE your money.

Gas prices are out of this world, and rumored to go to $4 per gallon. We know this isn’t a sexy subject, but True Money Kings will always want to recoup some of the cost of driving all over the earth for business activities. You owe this one to yourself.

The Standard Mileage Rate jumped from $.485 to $.505 in 2008. That’s 4% to your mileage bottom line. Rates changed multiple times in 2006. They might do so again in 2008, so make sure you’re paying attention to this commonly overlooked detail!

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