Auto mileage deduction for 2008 | 50.5 cents per mile
UPDATE Alert:
11/08– Volatile oil prices has led the IRS to adjust mileage rates for the business use of vehicles twice a year recently, instead of only once, as it had done in the past. For the first half of 2008, the rate was 50.5 cents per mile and 58.5 cents for the second half. The accompanying rate for medically related mileage or for moving costs rose from 19 cents in the first half to 27 cents in the second. Plumetting prices for oil and gasoline since July could lead to substantially lower reimbursement rates for 2009, though.
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01/08–
Auto mileage deduction increases for 2008
High gasoline prices are once again fueling an increase in the mileage allowance for business use of a vehicle. For 2008 it has risen to 50.5 cents per mile, from 2007’s 48.5 cents per mile. The rate for using your car for charity stays at 14 cents per mile, as set by law. The rate for use of a car for deductible medical reasons and for determining moving expenses is 20 cents per mile for 2008.
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February 9th, 2009 at 1:01 pm
[...] the IRS has only dropped its mileage rates for the business use of a vehicle by a few cents. For the second half of 2008, the rate was 58.5 cents per mile. For 2009, the figure will be 55 cents. The accompanying rate for medically related mileage or [...]
May 14th, 2008 at 5:35 pm
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