New $.505  Rate Per Business Mile
2008 Rates

2008 Standard Business Rate - 50.5 cents per mile

The IRS, under its Revenue Procedure 2007-70 changed the business mileage rate to 50.5 cents per mile effective  January 1, 2008.
The following are the IRS approved mileage deductions for 2008:
  • Business Use    $.505
  • Medical Use     $.19
  • Moving Use      $.19
  • Charitable Use  $.14 
The IRS prohibits a taxpayer from using the business standard mileage rate for a vehicle:
  • If  the vehicle was depreciated;
  • If the vehicle was deducted under Section 179;
  • If the vehicle is used for hire;
  • If the business uses a fleet of more than four vehicles.


If you have a question, call Ronald J. Cappuccio, J.D., LL.M.(Tax) at (856) 665-2121