The IRS has increased the
standard mileage rate commonly used to reimburse employees for business use of
a car to 50.5 cents per mile, up from 48.5 cents in 2007. The new rate applies
to miles driven beginning Jan. 1, 2008. Employers who use the IRS standard mileage
rate to reimburse employees may deduct the reimbursement as a business expense.
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