IRS Revenue Procedure 2007-70 addresses standard mileage rates for 2008

The IRS issued Revenue Procedure 2007-70, announcing the optional standard mileage rates for transportation expenses incurred in connection with business, medical, moving, and charitable purposes for 2008. The optional mileage allowance for owned or leased vehicles (including autos, vans, pickups or panel trucks) will be 50.5¢ for business travel beginning in 2008. The allowance for business travel is 48.5¢ for 2007.

The optional mileage rate to get medical care or in connection with a move that qualifies for the moving expense deduction will be 19¢ per mile in 2008, compared to the 2007 allowance of 20¢ per mile. Additionally, the optional mileage rate for charitable use during 2008 will be 14¢ per mile in 2008, the same as 2007.