2008 Standard Mileage Rate from the Internal Revenue Service for Business Miles

The IRS has just announced that the new effective mileage rate for unreimbursed business miles will be 50.5 cents per mile. The previous mileage rate for 2007 was 48.5 cents per mile. This applies to cars, trucks, panel trucks, and vans. Please remember you can not use the business standard mileage deduction rate if you are using a Section 179 Deduction for the same vehicle or using the Modified Accelerated Cost Recovery System (MACRS).

2008 Standard Mileage Rate for Medical and Moving Purposes

The standard mileage rate for the use of vehicles for Medical and Moving purposed is 19 cents per mile. This rate was determined by Runzheimer International who conducted the study for the Internal Revenue Service. This rate compares to 20 cents per mile in 2007. I am not sure how this number could possibly go down given the meteoric rise in gas prices.

2008 Standard Mileage Rate for Charitable and Charity Purposes

The standard mileage rate for the use of vehicles for Charitable and Charity purposes is 14 cents per mile. This amount has remained the same since 2007 for charitable miles driven.