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Friday, November 30, 2007

IRS' Mileage Rates for 2008

The Internal Revenue Service has come out with standard auto (such as for car, van, pickup truck) mileage rates for 2008; these are:

- 50.5 cents per mile for business purposes, up from 48.5 cents in 2007 (Note: 50.5 cents per mile is valid for Jan 1 - Jun 30, 2008 but for Jul 1 - Dec 31, 2008, the rate is 58.5; see: Taxes: auto mileage rates for 2008 )
- 14 cents per mile for use while performing service for charitable organizations, which is the same rate as is 2007
- 19 cents per mile when using auto for medical or moving purposes, down from 20 cents in 2007

For details, see:

IRS' Revenue Procedure 2007-70

Accountingnet.com: IRS Announces 2008 Standard Mileage Rates

2007 Standard Mileage Rates

posted by Ruby @ 7:10 AM

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