IRS Increases Mileage Rate Deduction to Reflect High Gas Prices

The Internal Revenue Service (IRS) has increased the standard business-mileage deduction to 50.5 cents for all business miles driven beginning January 1, 2008.

Published: December 7, 2007

This is a $0.2 cents-a-mile increase over the 2007 rate and reflects higher prices for fuel during 2007. The calculation also includes all other aspects of buying and operating a vehicle such as depreciation, insurance, tires, etc.

Businesses and individuals who use their car for business have the option of using the standard rate in lieu of keeping records of their actual expenses. The 2008 standard rate of 50.5 cents per mile applies to the use of automobiles (including vans, pickups and panel trucks) for business purposes. (Tire Review/Akron)

Yokohama Rubber donates to Eastern Taiwan earthquake relief

Through its Yokohama Magokoro Fund, Yokohama Rubber will donate a combined ¥1 million (approx. $6,380).

By Christian Hinton

Published: May 3, 2024

Yokohama Rubber shared its deepest condolences and sympathies to the families who have lost loved ones and to all those who have been affected by the earthquake in Eastern Taiwan. In response, Yokohama Rubber and its employee-backed Yokohama Magokoro Fund said it will donate a combined ¥1 million (approx. $6,380) through the Japanese Red Cross Society to support relief efforts in the region.