IRS Increases Mileage Rate

June 30th, 2008

MoneyDue to the massive increase in the price of gasoline, the Internal Revenue Service has raised the standard mileage deduction. As of July 1st, it is $0.585 per mile instead of $0.505. The new rate applies to travel performed from July 1st to the end of the year. Note that the old rate still applies from January 1st to June 30th, 2008.

(via The Consumerist)

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