IRS Increases Business Mileage Rate to 58.5 Cents Per Mile Through December

The Internal Revenue Service announced on June 23, 2008 an increase in the optional standard mileage rates for the final six months of 2008. According to a news release (IR-2008-82) and an accompanying announcement (Announcement 2008-63), the optional standard rates to calculate the deductible cost of operating an automobile for business will be 58.5 cents per mile from July 1, 2008 through December 31, 2008 an increase of 8 cents.