The IRS has recently released the mileage reimbursement rate for 2008.

Each year, the IRS issues standard mileage reimbursement rates. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

Beginning January 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

• 50.5 cents per mile for business miles driven;

• 19 cents per mile driven for medical or moving purposes; and

• 14 cents per mile driven in service of charitable organizations.