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IRS Federal Standard Mileage Rate

Written by Skyler W. Fairchild, CPA

Saturday, 15 December 2007

To reflect the recent increase in gas prices, the IRS raised the standard mileage rates for six month period from 7/1/08 through 12/31/08.

The Internal Revenue Service has issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning July. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

58.5 cents per mile for business miles driven;
27 cents per mile driven for medical or moving purposes; and
14 cents per mile driven in service to a charitable organization.

Beginning Jan. 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 to a charitable organization.

OLD INFORMATION BELOW:

Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

48.5 cents per mile for business miles driven;
20 cents per mile driven for medical or moving purposes; and
14 cents per mile driven in service to a charitable organization.

Beginning Jan. 1, 2006, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

44.5 cents per mile for business miles driven;
18 cents per mile driven for medical or moving purposes; and
14 cents per mile driven in service of charitable organizations, other than activities related to Hurricane Katrina relief.

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