IRS increases mileage rates through Dec. 31

The IRS increased the optional standard mileage rates to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008, up from the 50.5 cent rate in effect for the first six months of 2008.

The IRS made this special adjustment in recognition of recent gasoline price increases. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

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