Official Announcement from the IRS:
As of July 1st, the IRS’s optional reimbursement rate has increase from 50.5 cents a mile to 58.5 cents a mile for the rest of 2008.
From the official IRS release:
"The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year."
For more information, visit www.irs.gov.
#1 by Brenda on July 17th, 2008
What if your employer refuses to pay you the current rate? Do you itemize the difference on your taxes or is your employer obligated to pay the current rate?
#2 by Lexi Ruben on July 21st, 2008
Just for the record, I am neither a lawyer or an accountant, and I do not pretend to be either one. From my very limited knowledge, I believe that the IRS mileage rate is optional; businesses do not have to use this rate. I would recommend either contacting a tax professional to find out how to deduct your automobile expenses for business purposes if your employer does not reimburse you.
#3 by Fullerton on September 4th, 2008
It’s about time. This is a test.