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2008 mileage reimbursement rates
The Internal Revenue Service has issued the 2008 standard mileage rates used to calculate the deductible costs of operating an automobile for business purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
The new rate for business miles compares to a rate of 48.5 cents per mile for 2007. Any reimbursement for mileage expenses prior to January 1, 2008 should use the 2007 rate. |