To reflect the recent increase in gas prices, the IRS raised the standard mileage rates for six month period from 7/1/08 through 12/31/08. The rate will increase to 58.5 cents per mile for business miles driven from 7/1/08 through 12/31/08, an eight cent per mile increase from the rate in effect for the first six months of 2008 [see Rev. Proc. 2007-70 (2007-50 IRB 1162) ]. The rate for computing deductible medical or moving expenses will also increase by eight cents per mile to 27 cents per mile, up from 19 cents per mile for the first six months of 2008. The rate for providing services for a charity is set by statute, and remains at 14 cents per mile. IRS Ann. 2008-63, 2008-28 IRB .

The Treasury Department and Internal Revenue Service issued new guidance on the maximum contribution levels for in 2009 for Health Savings Accounts (HSAs) and out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that must be used in conjunction with HSAs. These amounts have been indexed for cost-of-living adjustments for 2009. 

If you haven't contributed funds to an Individual Retirement Arrangement for tax year 2007, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2007, not including extensions. 

By now, you've probably heard about the recently-passed economic stimulus package (the Economic Stimulus Act of 2008), the centerpiece of which is the government's issuance of rebate checks to most Americans. In brief, the measure will bring tax rebates of $600 for individuals and $1,200 for couples to most taxpayers and $300 checks to low-income people, including disabled veterans and the elderly. Here are the key details of the rebate provisions in the stimulus package.