Do you reimburse your employees for mileage for business driving? If so, get ready to pay a little less: effective January 1, 2009, the standard mileage reimbursement will drop to 55 cents per mile, down from the 58.5 cents per mile it has been in the last half of 2008. Why the drop? Well, prices at the pump are down sharply from where they were six months ago. For more information, click here to read the IRS Press Release on the new mileage rates. Or for a lot more information, click here to read Revenue Procedure 2008-72, which explains the new mileage rates in detail.