NEW MILEAGE RATES

Increases by 8 cents

As of July 1, 2008, the Internal Revenue Service (IRS) optional standard mileage rates used to calculate the deductible costs of operating an automobile (includes vans, pickups and panel trucks) for business increased from 50.5 cents per mile to 58.5 cents per mile. The new standard mileage rate will remain in effect through December 31, 2008.