Standard Mileage Rate Deduction Increase July 1st, 2008
June 24th, 2008 • Related • Filed Under
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Here is some great news for real estate agents come July 1st:
Starting July 1, 2008, the standard mileage rate for business miles is being increased to 58.5 cents per mile. The rate is currently at 50.5 cents per mile. Over the years, the IRS has somewhat tried to keep up with increasing fuel costs, but they’re probably a little behind at this point.
The standard mileage rate is important because it’s used by a lot of businesses to reimburse employees for their miles driven for company purposes. Self-employed people also use this rate for their business mileage. via WalletPop.
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Tom,
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Edward
Thanks for the clarification. Great stuff!
Tom 
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