IRS Standard Mileage rate for 2008
Posted: Friday, February 15, 2008 |  Printer Friendly
For those members who may have missed the notice in our January Newsletter: The Internal Revenue Service has issued its 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including 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 charitable organizations. The standard mileage rate for business, medical and moving purposes is based on an annual study conducted by an independent contractor of the fixed and variable costs of operating an automobile. The mileage for charitable purposes is set by law. The new rate for business miles compares to a rate of 48.5 cents per mile for 2007, and 44.5 cents per mile for 2006. Make sure you document your miles in case you get audited!
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