Standard mileage rates for 2008

[Wayne Brasch]

The Internal Revenue GuideWire to which I subscribe announced today that Revenue Procedure 2007-70 contains the standard mileage rates for 2008:

http://www.irs.gov/pub/irs-drop/rp-07-70.pdf.

Wayne

[Taxcure Services]

The Internal Revenue GuideWire to which I subscribe announced today that Revenue Procedure 2007-70 contains the standard mileage rates for 2008:

http://www.irs.gov/pub/irs-drop/rp-07-70.pdf.

Wayne

Thanks for help and update.-soji

[TAXBILLY]

Thanx Wayne.

taxbilly

[Gail in Virginia]

Can anyone explain to me the reason the business mileage rate increased from 48.5 to 50.5 for 2008, and yet the medical/moving rate decreased from 20 to 19 cents? I understand it takes an act of Congress (literally) to change the charitable rate, but why would medical/moving go down?

[Lion EA]

From the IRS post:

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile; the standard rate for medical and moving purposes is based on the variable costs as determined by the same study. Runzheimer International, an independent contractor, conducted the study for the IRS.