On June 23 of this year the IRS revised it Mileage rate, this was in response to the increasing gas prices at the pump. On July 1, 2008 the rate increased to 58.5 cents per mile. The increase was a full 8 cents per mile. The increase was also a full three months early, given that the IRS sets rates once a year in the fall for the following year.
Also, the rate you can charge for Medical Miles was also increased from 19 cents to 27 cents a mile. Charitable miles however did not change it remained at 14 cents per mile.
I know it's not much, however if you drive a lot for your job or in your business the miles can add up along with the deduction you can claim. This is one time you can point to the IRS and say thanks for thinking of the small business owner in this time of increasing prices.
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