* For Immediate Release *
June 24, 2008
Mileage Rate Increase - The IRS has adjusted the basic mileage rate to 58.5 cents per mile effective July 1 through Dec. 31, 2008. That’s up 8 cents from the current 50.5 cents and is applicable to all business miles for cars taht are not fully depreciated. The standard mileage rate for medical and moving expenses increases to 27 cents per mile, up from the current 19 cents per mile. However, the standard rate for charitable use will remain at 14 cents per mile.