June 24, 2008
IRS Increases Mileage Rate 8-Cents
As gas prices hit all-time highs, so is the Internal Revenue Service's mileage rate standard, which is currently 50.5 cents. Next Tuesday, it will be raised to 58.5 cents, a move that is usually saved for the Fall, but like with Hurricane Katrina when gas prices spiked, the IRS made a mid-year adjustment, which will last through the end of the year. Current gas prices in Los Angeles have been averaging out to a steady $4.621 for a gallon of regular gas.



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Do I get credit for travel, regardless of my mode?
By private automobile, by mass transit, by airplane, by bicycle, by foot, by skateboard...
Can I claim travel expenses of miles travelled, total, reagardless of mode?