IRS Gas Mileage Reimbursement Going Up

The IRS announced on Tuesday that beginning July 1, the standard rate used to calculate the deductible costs of operating an automobile for business purposes will be increased to 58.5 cents per mile, the highest rate ever. The current rate, set in the fall of 2007, is 50.5 cents per mile. The new rate will be in effect until Dec. 31. The IRS normally updates mileage rates once in the fall for the next calendar year.

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