IRS Standard Mileage Rate for 2008

The IRS recently announced the increase in the Standard Mileage Rate for the last half of 2008. The rate increased from 50.5 cents per mile to 58.5 cents per mile, and will be in effect from July 1, 2008 through December 31, 2008. Taxpayers have the option of using the increased standard rate for calculating the deductible mileage for business, charitable, medical and moving purposes.