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Tuesday, June 24, 2008
IRS' new increasesd gas mileage rates
With the gas prices skyrocketing, the Internal Revenue Service has upped the standard auto (such as for car, van, pickup truck) mileage rates a bit:

- The rates have increased to 58.5 from 50.5 cents per mile for business purposes, effective July 1, 2008. For the first half of 2008, the rate will stay at 50.5 cents per miles.

Other increases, starting July 1, 2008:

- 27 cents from 19 cents per mile when using auto for medical or moving purposes.

Ironically, the mileage rate when volunteering for a charitable organization stays put at 14 cents per mile which is the same rate as was in 2007. And I thought charity pays! - apparently, the lawmakes don't think so.

For details, see:

WebCPA: IRS Ups Deductible Mileage Rates as Gas Prices Rise
posted by Ruby @ 9:50 AM  
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