RISMEDIA, Nov. 30, 2007-The Internal Revenue Service (IRS) has announced the national per-mile business driving rate of 50.5 cents for the U.S. taxpayer, effective January 1, 2008. This compares to a rate of 48.5 cents-per-mile during 2007.
“The increase in the 2008 national per-mile rate reflects a combination of factors, including higher fuel prices, rising insurance costs, and higher depreciation costs,” notes Ted Schuerman, Director of Research & Client Service within Government Services at Runzheimer International. “Remaining cost components, such as maintenance and registration costs, remained relatively stable,” states the vehicle cost expert.
To establish the annual per-mile rate, the IRS works closely with Runzheimer International, the Rochester, Wisconsin-based management consulting firm specializing in vehicle, travel, and living costs which has provided this service to the IRS since 1980. The 50.5 cents-per-mile standard is the amount the U.S. taxpayer can deduct for vehicle expenses on his or her 2008 tax return for business miles driven.
For more information, visit http://www.runzheimer.com/.