IRS Announces New Mileage Rates

For those of you who support your small business by doing a lot of driving, you'll be interested to know that the IRS recently issued its 2008 mileage rates.

Late last month, the IRS announced that as of Jan. 1, the standard mileage rates for the use of a car, which includes vans, pickups or panel trucks, will be 50.5 cents per mile for business miles driven, 19 cents per mile driven for medical or moving purposes and 14 cents per mile driven in service of charities.

The business mile rate for 2007 is 48.5 cents. The new rate for medical and moving purposes compares to 20 cents in 2007. And the rate for miles driven in service of charitable organizations remains the same.

By Sharon McLoone |  December 7, 2007; 3:25 PM ET Tax Tips
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