IRS 2008 MILEAGE RATES

Business Miles Set at 50.5 Cents

The Internal Revenue Service has issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business. As of Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) became 50.5 cents per mile for business miles driven. The new rate for business miles compares to a rate of 48.5 cents per mile for 2007.