Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of . The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, , to December 31, , the standard mileage rates are as follows:

• Business use of auto : Our Raytheon clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, , to June 30, ) may be deducted if an auto is used for business purposes. As a Raytheon employee, your employer from Raytheon may reimburse you for your business travel expenses using the standard mileage rate. However, if Raytheon does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.
  
  

As you plan your financial future, understanding the full scope of Raytheon's retirement benefits gives you the strongest foundation. According to publicly available information, Raytheon maintains an active defined benefit pension plan, which provides retirement income based on factors such as years of service and compensation history. Raytheon also offers retiree healthcare benefits to eligible employees, which can provide meaningful coverage for those who retire before reaching Medicare eligibility at age 65. Pulling together the full range of your Raytheon benefits into a coordinated retirement strategy helps eliminate blind spots in your planning.

The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in .