In recognition of recent gasoline price increases, the IRS has raised the standard mileage rate for the final six months of 2008.

The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through December 31, 2008. The rate for the first half of 2008 is 50.5 cents.

The IRS normally updates the mileage rates once a year, but given the significant increases in gas prices this year, the IRS has made a special rate increase in the middle of the year.

The IRS just announced that the standard mileage rate will be 50.5
cents per mile in 2008.  This is up from 48.5 cents per mile in 2007.

If you’re not keeping track of your mileage, you need to start now!
These rates are higher than we’ve ever seen, so you should be keeping
track of every business mile driven.

You can use a spiral notebook to keep track of miles, you can
purchase a mileage log from any office supply store, or you can use my
own mileage log, found here.