New IRS Mileage Rates

Just wanted to put out a quick post with the recently updated IRS Mileage rates.
As of July 1, 2008 and through December 31, 2008 the OPTIONAL standard mileage rates are as follows…

Business – $0.585
Charitable – $0.14
Medical & Moving – $0.27

Again, these are optional rates to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. In other words, if your organization reimburses employees for miles driven, the IRS recommends that you reimburse them at $0.585 per mile.

See: http://www.irs.gov/taxpros/article/0,,id=156624,00.html

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