2008 Federal Standard Mileage Rates
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Under Revenue Procedure 2007-70, the Internal Revenue Service has issued the standard mileage rates for 2008. The standard mileage rate for cars, vans, pickup trucks or panel trucks will be increasing to 50.5 cents per mile starting January 1, 2008. The standard mileage rate for medical or moving will actually be decreasing to 19 cents per mile. The charitable miles driven rate will remain unchanged at 14 cents per mile.
For 2007 the rates are 48.5 cents for cars, vans, pickup trucks or panel trucks, 20 cents for medical or moving miles and 14 cents for charitable miles.
Revenue Procedure 2007-70 (http://www.irs.gov/pub/irs-drop/rp-07-70.pdf) will be part of IRB 2007-50.
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William B. Riccio, CPA/CITP is a certified public accountant. He is president of Riccio & Associates and can be reached at (216) 255-6913 or by e-mail at william@ohiocpa.net.
