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2008 Peer Review Report

News & Announcements

July 30, 2008

Mileage Rate Changes

by Joe Babb

Tupelo, MS

Beginning July 1, 2008, the IRS has increased the optional standard mileage rates for business and medical/moving miles.  The business rate has jumped from 50.5 cents per mile to 58.5 cents per mile.  The medical and moving mileage rate has increased to 27 cents per mile from 19 cents per mile.  The charitable mileage rate remains at 14 cents per mile.  The new rates apply to miles driven from July 1 through December 31, 2008.

The optional business standard mileage rate is commonly used to calculate the deductible costs of operating a business-use automobile, instead of tracking actual costs.