IRS Increases Standard Mileage Rates for Rest of 2008

To reflect the recent increase in gas prices, the IRS raised the standard mileage rates for six month period from 7/1/08 through 12/31/08. The rate will increase to 58.5 cents per mile for business miles driven from 7/1/08 through 12/31/08, an eight cent per mile increase from the rate in effect for the first six months of 2008. The rate for computing deductible medical or moving expenses will also increase by eight cents per mile to 27 cents per mile, up from 19 cents per mile for the first six months of 2008. The rate for providing services for a charity is set by statute, and remains at 14 cents per mile.