IRS Increases Mileage Reimbursement Rates

June 24, 2008

Joseph Henchman

We had a blog post last week about efforts to get the IRS to increase the mileage reimbursement rates used to calculate deductible expenses, and the inequity between different rates for different purposes. The inequity remains, but the IRS announced yesterday an increase in some mileage reimbursement rates:

  • Business – 58.5 cents per mile (up from 50.5 cents)
  • Medical – 27 cents per mile (up from 19 cents)
  • Nonprofit – 14 cents per mile (unchanged)

The new rates become effective July 1, 2008.

Topics

Related Articles

Hawaii Hikes Income Taxes to Pay for Earned Income Credit

How High Are Individual Income Tax Collections in Your State?

Seattle Passes Municipal Income Tax; It is Almost Certainly Illegal

With Veto Override, Illinois Legislature Abandons Reform Efforts

The Largest Deductions Taken by High-Income Households

A Bevy of Tax Bills To Raise Long-Term Revenue in Delaware