MaineBusiness.com

From the Boston Globe:


The Internal Revenue Service announced today an 8-cent increase in optional standard mileage rates in response to rising gas prices.

Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes for the second half of 2008, the IRS said.

The rate will increase to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, said the IRS, which noted that 50.5 cents was the rate in effect for the first six months of 2008.

"Rising gas prices are having a major impact on individual Americans," IRS commissioner Doug Shulman said in a statement. "Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile. We want the reimbursement rate to be fair to taxpayers."
(By Chris Reidy, Globe staff)


http://www.boston.com/business/ticker/2008/06/irs_increases_m.html