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What will the 2008 standard mileage rate be?

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Another timely question from a WI pastor: "What will the 2008 standard mileage rate be?"

 Here’s the answer I received from my Wisconsin Institute of CPA membership sources…

 Effective Jan. 1, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) will be: 50.5 cents per mile for business miles driven; 19 cents per mile driven for medical or moving purposes; and 14 cents per mile drive in serves to a charitable organization (IR 2007-192; Rev Proc 2007-70, 2007-50 IRB).

 The new rate for business miles is up two cents from 48.5 cents per mile in 2007. The new rate for miles driven for medical or moving purposes is one cent less than in 2007 when the rate was 20 cents per mile. The charitable mileage rate remains unchanged from 2007. The standard mileage rates for business, medical, and moving purposes are based on an annual study of the fixed and variable costs of operating an automobile. The charitable mileage rate is set by law. An employer may also reimburse employee automobile expenses with a mileage allowance using [the 50.5 cent] rate …

 Source: WICPA
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