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Mileage rate goes up July 1

Tuesday, June 24, 2008

Mileage rate goes up July 1

The IRS has announced an increase in the optional standard mileage rates to 58.5 cents per mile for business miles driven from July 1, 2008, thorugh December 31, 2008. (Announcement 2008-63) The rate for deducting medical and moving miles will increase as well. The charitable mileage rate will remain the same. (See table below).

Mileage Rate Changes

Purpose	Rates 1/1 through 6/30/08	Rates 7/1 through 12/31/08
Business	50.5	58.5
Medical/Moving	19	27
Charitable	14	14

California conforms to these changes.

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