The IRS has announced that the optional standard mileage rate will decrease from 58.5 cents to 55 cents per mile for business travel beginning on January 1st, 2009. In addition, the rate for medical mileage or miles in connection with a qualified move have been decreased from 27 cents per mile to 24 cents per mile beginning January 1st, 2009.
We have been wondering if this was going to happen given the drastic decrease in gas prices over the past several months. I am actually surprised that it didn’t decrease more. Gas here in Lake Wylie was $1.67 this morning.