Notary Regional Networking & Marketing
IRS increased standard mileage rates in 2008
The Internal Revenue Service (IRS) has announced that the optional standard mileage rate has increased to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. The IRS made this special increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008 in recognition of recent gasoline price hikes. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rate.
To read the full announcement on the IRS Web site, go HERE
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rate.
To read the full announcement on the IRS Web site, go HERE
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