TAX UPDATE: 2008 MILEAGE UPDATE

The IRS has announced that the standard mileage rate will increase to 58.5¢ per mile for business miles driven beginning July 1, 2008, up from 50.5¢ for the first half of 2008. The rate for computing deductible medical or moving expenses will increase to 27¢ a mile. Charity mileage rate will remain unchanged at 14¢ per mile.