| | | © McCauley, Nicolas & Company, LLC | Autumn 2008
Go back to E-letter | Printer-friendly version | | Keeping Up | IRS Boosts Mileage Rate AgainIn recognition of recent gasoline price increases, the IRS has adjusted the optional standard mileage rates for the final six months of 2008. The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008 through December 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008. The new six-month rate for computing deductible medical or moving expenses will also increase: from 19 cents to 27 cents per mile. The rate for providing services for charitable organizations, which is set by statute, not by the IRS, will remain at 14 cents a mile. Keep in mind, taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
For more information, please visit www.mnccpa.com or call us at 288-6621. | | | | © McCauley, Nicolas & Company, LLC | Autumn 2008
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