Mileage Rates Decrease for 2009

With the recent decline of gas prices, the IRS has announced decreased mileage rates for 2009. Beginning January 1, 2009, the standard mileage rates for trade or business mileage will be 55 cents per mile, down from 58.5 during the second half of 2008. Rates also decreased from 27 cents per mile to 24 cents for medical or moving purposes, while the charitable organization rate of 14 cents per mile continues to remain the same.