IRS Updates Standard Mileage Rates

The U.S. Internal Revenue Service (IRS) has issued Revenue Procedure 2007-70 which provides annual optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This revenue procedure updates Revenue Procedure 2006-49. The new rates for 2008 are 50.5 cents per mile for business.