Sorry to be so late in getting this breaking news to you – but, as usual for Wednesday, I was out of “the office” all day and just got back.
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The IRS has issued the new “standard mileage rates” effective for travel on or after January 1, 2008. It seems to me that the announcement is later than usual this year.
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The 2008 rate for business travel will be 50.5 cents per mile, up from 48.5 cents in 2007. Depreciation represents 21 cents per mile of this rate (up from 19 cents per mile for 2007).
The 2008 rate for business travel will be 50.5 cents per mile, up from 48.5 cents in 2007. Depreciation represents 21 cents per mile of this rate (up from 19 cents per mile for 2007).
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The standard mileage rate is based on the fixed and variable costs of operating an automobile for business, including depreciation, maintenance, repairs, insurance, license and registration fees, and the price of gasoline.
The standard rate for miles driven for medical or moving purposes, based on a different calculation than that used for business driving, will drop from 20 cents a mile in 2007 to 19 cents per mile for 2008.
The standard mileage rate is based on the fixed and variable costs of operating an automobile for business, including depreciation, maintenance, repairs, insurance, license and registration fees, and the price of gasoline.
The standard rate for miles driven for medical or moving purposes, based on a different calculation than that used for business driving, will drop from 20 cents a mile in 2007 to 19 cents per mile for 2008.
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The rate for driving related to charitable purposes, set by Congress, remains at 14 cents a mile. This rate has remained unchanged for several years now.
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