IRS Announces Optional Standard Mileage Rates

IRS Announces OptionalStandard Mileage RatesEffective January 1, 2008
The IRS on November 27, 2007, announced new optional standard mileage rates for use in computing deductible costs of operating an automobile for business and other purposes, including moving.Effective January 1, 2008, the new rates are 50.5 cents per mile for business use, up from 48.5 cents in 2007, and 19 cents per mile for moving expenses deductions, down from 20 cents in 2007. The new rates are discussed in detail in Rev. Proc. 2007-70, which can be accessed at www.irs.gov.