Automatically calculate the right mileage expenses with Paybackable

June 30th, 2008 kmr2

If you’ve been reading the news, you know that the IRS business mileage rate goes up to 58.5 cents starting tomorrow through the end of the year. We actually got an email from our bookkeeper today telling us we should “track our mileage through June 30 2008 separately” because of the change. Of course, we informed her that we were adding the new rate to Paybackable, so tracking the change in mileage rates would be, well, a complete non issue:-)

So, for those out there who are feeling any pain from this change (when all you should feel is thankful relief that you get some of your cash back), just log into the easiest expense reporting solution on the market and grab that higher business deduction. For our existing customers, starting tomorrow, all you need to do differently is…nothing!

Posted in Mileage | No Comments »

Tax relief! IRS increases business mileage deduction to 58.5 cents.

June 24th, 2008 kmr2

For those of you (and there are a lot) who have to drive for business, a little good news to go along with the record gas prices. The IRS announced today that the standard mileage rate for business miles will increase 8 cents to 58.5 cents per mile, effective July 1, 2008 through December 31, 2008. You can read the full details on the IRS web site.

Naturally, we will be updating Paybackable to reflect the new rate, so any mileage expenses you enter during that time will have the correct mileage rate based on your date of travel. See? More savings for you, no additional work required:-) But we’d certainly appreciate you telling your friends and business associates about us!

Posted in Expenses, Mileage | No Comments »