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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.
Man, I remember filling out Expense Reports when it was in the teens!
And no, I'm not old!
When you consider that we still pay about three or four times as much as you guys for our petrol then you are doing well.
By the way, I also remember filling out expense reports when the rate was in the teens, and I don't think I'm that old either!
[edited by: LifeinAsia at 10:08 pm (utc) on June 27, 2008]
This is great news..... it makes driving my 61 Ford pickup a little better than a break even deal based on the gas mileage.
Remember that our cars are crap and fall apart faster!
I agree with that. However in Europe they must contend with the "Smart Car" I was in Italy last year and these were the only types of cars I saw on the road. I know the idea of creating a car that is small and uses less fuel is a good idea in theory, but I would be scared to death to own a car like that in the U.S. Can you imagine buzzing down the freeway in what really amounts to a go cart and having a giant semi pull up behind you! Those things are small enough to slip under a truck as well. So, no thank you. I will stick to my larger vehicle until all cars are small, so it is a good thing the write off just went up.
