A sure way to know when the IRS will announce the standard mileage rates for the following year is to look at my schedule. At lunch today I spoke to the Exchange Club of Irvine on 2007 tax law changes. Naturally, this afternoon the IRS issues Revenue Procedure 2007-70 with the 2008 mileage rates.
Those rates are:
Business Miles: $0.505/mile (up from $0.485 in 2007)
Charity Miles: $0.14/mile (unchanged)
Medical or Moving: $0.19/mile (down from $0.20 in 2007)
I’m not sure how any mileage rate goes down from 2007 to 2008 given the price of gasoline. However, the IRS uses an independent contractor to determine these rates.