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Monday, June 30, 2008

New IRS midyear mileage rates

Effective July 1, 2008, the Internal Revenue Service is increasing the standard mileage rates. This may be a first in IRS history in that the usual protocol is to make these changes at the beginning of the year. Apparently, the IRS has taken note of what seems to be the ever increasing price of gas and is acting accordingly.

The new rates for mileage after July 1, 2008, will be:

  • Business: 58.5 cents (increased by 8 cents)
  • Medical/Moving: 27 cents (increased by 8 cents)
  • Charity: 14 cents (unchanged)

(Source.)

• Posted by: Marie Carnes at 6:38 AM
• Filed in: Links | News | Tips - Other

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