2008 Federal Standard Mileage Rate Revision

With IR-2008-82 the Internal Revenue Service has announced an increase to the standard mileage rates for second half of 2008. The standard mileage rate for cars, vans, pickup trucks or panel trucks will be increasing to 58.5 cents per mile starting July 1, 2008. The standard mileage rate for medical or moving will be increased to 27 cents per mile. The charitable miles driven rate will remain unchanged at 14 cents per mile.

The rates for the first half of 2008 are 50.5 cents for cars, vans, pickup trucks or panel trucks, 19 cents for medical or moving miles and 14 cents for charitable miles.

The increase is to be part of IRB 2008-28 which is scheduled to be released on July 14, 2008. Internal Revenue Service Announcement 2008-63 contains additional information.

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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.