Standard Mileage Rate Increases to 58.5 Cents Per Mile
The IRS has recognized that we all are suffering from the high gasoline prices and they have announced an increase in the standard mileage rates for the second half of 2008. The mileage rate for business miles driven from July 1, 2008, through December 31, 2008, will be 58.5 cents per mile. This is an increase of 8 cents over the rate for the first half of the year. The standard mileage rate for medical and moving expenses has been increased to 27 cents per mile from 19 cents per mile. The standard mileage rate for charitable purposes, however, remains unchanged at 14 cents per mile.
- Remember that you need to meet the record keeping requirements set by the IRS when claiming any mileage deduction. Keep all receipts of gasoline purchases and maintain a mileage log describing the date of travel, the distance driven, and the purpose of travel.
