IRS Increases Mileage Rates

(Published June 30, 2008)

 

The Internal Revenue Service (IRS) has increased the optional standard mileage rate to 58.5 cents a mile, from 50.5 cents, for all business miles driven from July 1, 2008, through December 31, 2008.

 

The new six-month rate for computing deductible medical or moving expenses will also increase by eight cents to 27 cents a mile, up from 19 cents.  The rate for providing services for charitable organizations remains at 14 cents a mile.

 

The IRS normally updates the mileage rates once a year in the fall for the next calendar year, but made a special exception this year in recognition of recent gas price increases.

 

http://www.irs.gov/newsroom/article/0,,id=184163,00.html