The standard mileage rate has increased from 50.5 to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008.
The standard mileage rate has increased from 50.5 to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This increase is in recognition of recent gasoline price increases.
The IRS normally updates the mileage rates 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."
For this and other tax news, contact NGAC 770-888-7700