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Citing Gas Prices, IRS Raises Auto Mileage Deduction
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Posted on
Jun 25 2008 6:14 AM
by
adeal
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The Internal Revenue Service, citing the drain of high gas prices on households, said Monday that it was raising the automobile mileage rate that businesses and others could claim. The tax agency said the optional standard rate to calculate deductible operating costs for business vehicles will rise to 58.5 cents a mile, from 50.5 cents, for the final six months of 2008. That rate also applies to businesses and others entitled to depreciation allowances that operate autos for charitable, medical or moving purposes.
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