IRS Increases Business Mileage Rates to
58.5 Cents Per Mile Through December 2008
The Internal Revenue Service June 23 announced an increase in the optional standard mileage rates for the final six months of 2008, according to a news release (IR-2008-82) and an accompanying announcement (Announcement 2008-63).
The optional standard rates to calculate the deductible costs of operating an automobile for business will be 58.5 cents per mile from July 1 through Dec. 31, IRS said, an increase of 8 cents.
The new six-month rate for computing deductible medical or moving expenses will increase to 27 cents per mile, also up 8 cents, IRS said. The statutory rate for providing services for charitable organizations will remain at 14 cents per mile, IRS added. |