IRS Increases 2008 Standard Mileage Rates
The IRS announced Monday that it has increased the standard mileage rate for the final six months of 2008 in recognition of rising gas prices.
The rate will increase to 58.5 cents per mile for all business miles driven from July 1, 2008 through Dec. 31, 2008. This is an eight cent increase from the 50.5 cent rate that is in effect for the first six months of 2008.
Taxpayers can use the optional rates to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes.
The IRS usually updates the mileage rate once a year in the fall for the next calendar year.
"Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."
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