IRS Raises Standard Mileage Rate Again

Posted by Dave Dunn on June 30, 2008 | 0 Comments

Tags: Bookkeeping, Small Business, Accounting

The IRS raised the standard mileage rate, already the highest ever, by 8 cents for the final 6 months of 2008. Effective July 1, 2008, the standard mileage rates are as follows:

• Business usage: 58.5 cents per mile (was 50.5 cents per mile)
• Miles driven for medical and moving purposes: 27 cents per mile (was 19 cents per mile)
• Miles driven in service of charitable organizations: 14 cents per mile (this is unchanged).

If your employees drive their own vehicles, then you are not obligated to pay the higher rate.