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IRS to Change Rate of Mileage Deduction Limits

Discussion in '2008 Archive' started by Revmitchell, Jun 24, 2008.

  1. Revmitchell

    Revmitchell Well-Known Member
    Site Supporter

    Feb 18, 2006
    Likes Received:
    The IRS plans to raise the amount of automobile mileage that businesses are allowed to claim.

    The IRS made the addition to help assist businesses and charities struggling with high gas prices. Business vehicles will now be able to claim operating costs of 58.5 cents for the last six months in 2008--up from last year’s deduction level of 50.5 cents.

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