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2008 Business Mileage Rate Increases to 50.5 Cents

The Internal Revenue Service raised the standard business mileage rate to 50.5 cents per mile for transportation expenses paid or incurred beginning January 1, 2008. The 2 cent increase,  is primarily due to higher gas prices and more expensive vehicles.  The rate for medical and moving expense mileage will decrease to .19 cents per mile and the charitable mileage rate will remain at .15 cents


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