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.