2008 Business Mileage Rate Increase from the IRS

With the increase in the price of gasoline over the past year, it's not surprising that the IRS has increased the standard mileage rates for 2008. The rate you can use to determine your deductions for mileage is now:

• 50.5 cents per mile for business driving
  
• 19 cents per mile for medical or moving purposes
  
• 14 cents a mile if you are driving on behalf of a charitable organization
  

The trick is to keep track of your mileage. Recordkeeping Setup will give you more information.

Photo source: MorgueFile