2008 Mileage Rates

Submitted by taxman on January 23, 2008 - 10:48am.

Well it is 2008 and time to update the standard mileage rates again. Gas keeps going up and so does the standard mileage rates. The 2008 rates are:

  • 50.5 cents for business miles prior to 07/01/08 and 58.5 cents a mile after 6/30/08.
  • 19 cents for medical and moving miles before 07/01/08 and 27 cents a mile after 06/30/08
  • 14 cents for miles driven for charitable purposes
You should keep a mileage log if you want to deduct mileage and if you do a good job keeping up with your miles the deduction can be substantial.

( categories: helpful info )