New mileage rates for 2008

The IRS standard mileage rate for business driving in 2008 is 50.5¢ per mile. This rate can be used for a business vehicle placed in service in 2008, whether owned or leased, as well as vehicles placed in service in prior years if the IRS's standard rate was used every year. The standard mileage rate cannot be used if a business has more than four vehicles or for any vehicles used for hire (e.g., taxis).