IRS Announces 2008 Standard Mileage Rates: Rate for Business Miles Set at 50.5 cents per Mile

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

The new rate for business miles compares to a rate of 48.5 cents per mile for 2007. The new rate for medical and moving purposes compares to 20 cents in 2007. The rate for miles driven in service of charitable organizations has remained the same.