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IRS Increases Mileage Rates
for Remainder of 2008
In response to a national outcry for relief from rising gas prices, the Internal Revenue Service
announced an increase of 8-cents on the standard mileage rates that are claimable for business
and other types of travel.
Typically, the IRS updates mileage rates each fall for the following year. However, the new
rate takes effect beginning on July 1, and increases the deduction from 50.5 cents to 58.5 cents
a mile through December 31. In addition, the IRS also increased the mileage rate deduction 8-cents
for moving expenses, up to 27.
The standard mileage rate is used to compute the deductible costs of operating an automobile for business
use in place of tracking the actual costs. This rate is also used as a standard by the federal government
and many businesses to reimburse their employees for mileage.
For more information, please visit:
http://www.irs.gov
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