New Business: New mileage rates issued for 2008

The IRS has issued the 2008 standard mileage rate that businesses can use to calculate the deductible costs of driving an automobile for business.

Beginning January 1, 2008, the standard mileage rate for business driving will be 50.5 cents a mile. This represents an increase in the mileage rate from the 48.5 cents a mile allowed in 2007. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating a vehicle.

If you have questions about deducting vehicle expenses in your business, give us a call.

© copyright 2008