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Article Date:
July 2008

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IRS Increases 2008 Mileage Rate to 58.5 Cents

Does the IRS know something we don’t know? The IRS increased the standard mileage rate deductions by 8 cents from 50.5 to 58.5 cents-a-mile effective from July 1 to the end of this year.1 This is huge. Could it be that gas prices are going much higher before the end of the year?


This chart shows gas prices from 1991 through mid-2008.



If you get 20 miles to the gallon, the 8 cent increase works out to an extra $1.60 a ... Log in to view full article.

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