IRS has officially released what it will allow for 2008 tax returns:

Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

• 50.5 cents per mile for business miles driven;
• 19 cents per mile driven for medical or moving purposes; and
• 14 cents per mile driven in service of charitable organizations.

As always, the official IRS statisticians are hip to the fact that vehicles being used for medical or charitable endeavors magically burn less fuel and suffer less wear and tear than they do when used for crass money making ventures. This disparity has never made sense in the past, and with the largest gap ever in these new rates, it continues to baffle me.

Q:

Subject: 2008 standard mileage rate?

I have not been able to find out if this number as been released. 

I was impressed by the fact that your site was the only one I found with the 2008 Section 179.  Good Job!

Have a Wonderful Day!

 
A:

Based on the past few years, the IRS should be announcing their 2008 standard mileage rates any day now.  They may be holding off a bit until some of the fluctuation in oil prices tapers off.

The IRS announcement will be posted on their website. 

I’ll also be posting it to my blog as soon as it comes out.

Kerry Kerstetter 

Follow-Up:

Thank you very much!

Have a Wonderful Day!