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Wednesday, November 28, 2007

IRS Releases 2008 Standard Mileage Rates: 50.5 Cents per Mile for Business Use of Car

The IRS yesterday announced (Rev, Proc. 2007-70, 2007-50 I.R.B. ___ (12/10/07)) the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes:

  • 50.5 cents per mile for business miles driven (compared to 48.5 cents per mile in 2007)
  • 19 cents per mile driven for medical or moving purposes (20 cents in 2007)
  • 14 cents per mile driven in service of charitable organizations (unchanged from 2007)

http://taxprof.typepad.com/taxprof_blog/2007/11/irs-announces-2.html

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Comments

Is there an additional allowance when towing a trailer for bussiness use?

Posted by: Rich Hayes | Feb 28, 2008 6:07:31 AM