IRS Increases 2008 Mileage Rate by Eight Cents

The Internal Revenue Service (IRS) announced Monday that it is raising the standard mileage deductible rate for 2008 by 8 cents to 58.5 cents a mile.

The move is a rare midyear adjustment by the federal agency as the IRS generally sets the rate in the fall for the following year.

The new optional mileage rate goes into effect July 1, 2008 and is scheduled through the end of the year. Workers who use their vehicles for business can use the standard mileage rate or deduct their actual expenses on tax returns.

The federal government and many private employers use the IRS rate when reimbursing workers who use their cars on the job.

The last time the IRS changed the mileage rate midyear was in 2005, when Hurricane Katrina caused a temporary disruption in the gas supply. The IRS increased the rate by 8 cents to 48.5 cents in September of that year, according to news reports by the Baltimore Sun.

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