IRS Raises Standard Mileage Rate for the Rest of 2008

WASHINGTON — The Internal Revenue Service today announced an
increase in the optional standard mileage rates for the final six
months of 2008. Taxpayers may use the optional standard rates to
calculate the deductible costs of operating an automobile for business,
charitable, medical or moving purposes.

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.

The IRS normally only makes these adjustments once a year.  But since gas prices have risen to an obscene level, we’re getting a break for the second half of the year.  It won’t solve the problem, but it will help.

Read the full press release here.


2 Responses

  1. My service truck gets 8 MPG, that works out to about 75 cents per mile.I’m still short end of the stick.

  2. No doubt 58 cents is a Band-Aid, and a tiny one at that. It’s going to take a lot more to stop the bleeding.

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