IRS Increases Mileage Rate

On June 23, 2008, the Internal Revenue Service announced an increase to the optional standard mileage rates. For the last half of 2008, the optional standard mileage rate will increase from 50.5 cents to 58.5 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes. …