What does the internal Revenue Service allow for gas mileage, as of the firt of July ?

Question

What does the internal Revenue Service allow for gas mileage, as of the firt of July ?

Answer 1

58.5 cents as of the 1st of July

Answer 2

Here you go...

WASHINGTON — The Internal Revenue Service today 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 for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.