Charlie from PearBudget dropped a line to point out that the U.S. Internal Revenue Service is increasing the mileage reimbursement mid-year. The rate is 50.5 cents per mile right now, but will see a 16% jump next week. Here’s the official IRS notice:
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
This is important news to many GRS readers, especially small business owners and those who have jobs that require a lot of travel by car. When I was actively selling boxes, I could log 400 miles per week. An eight cent increase in the mileage reimbursement would have meant an extra $32/week for gas money and other expenses.
Here are some other important personal finance stories from around the web:
Last February, Jonathan at the excellent My Money Blog posted a list of five ways to get a free credit score. None of these require trial periods. These methods don’t tell your actual FICO score, either, but they’ll give you an idea.
At Delicious Baby, Debbie has posted some money saving tips the travel industry doesn’t want you to know. She suggests a home exchange (which I’m hearing more and more about, though never from anyone with first-hand experience), eating where the locals eat, and packing light. This is a great list.
Finally, JLP at All Financial Matters sounds like a crusty old man when he complains about slow-walking teens in baggy pants, but he has a point when he argues that we’re all self-employed. Too many people treat their jobs as if they’re throwaways. They’re not. Every job is an audition for something bigger. It’s a chance to sell yourself. Looking back, I know I did piss-poor work at some jobs, and the lack of quality had a real impact on the direction of my life. Even a menial job like flipping burgers should treated as an important step to something else. Hm. Maybe this is a subject for a future post…
This article is about Spare Change