Fuel Costs Prompt IRS to Increase Mileage Rates for Last Half of 2008

The Internal Revenue Service (IRS) June 27 announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The rate will increase to 58.5 cents a mile…