IRS Mileage rates increased

[gakline]

IRS Increases Mileage Rate Until Dec. 31, 2005

IR-2005-99, Sept. 9, 2005

WASHINGTON – The Internal Revenue Service and Treasury Department announced today an increase to the optional standard mileage rates for the final four months of 2005.

The rate will increase to 48.5 cents a mile for all business miles driven between Sept. 1 and Dec. 31, 2005. This is an increase of 8 cents from the 40.5 cent rate in effect for the first eight months of 2005, as set forth in Rev. Proc. 2004-64.

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[PRICEPLUS]

Every little bit helps but don't you think they could do better?

[fultron]

It helps, but it doesn't come close to making up for the increased cost of gas we've all been paying.

[gakline]

My company was only paying $0.325/ mile 5 months ago. I got them to raise it up to $0.405. It definintely made a difference, I don't think they'll go up another $0.08.

Time to itemize on the taxes.

[cicy33]

This is good news, I was wrong in my thinking anyway, I thought it was about 30 cents per mile but this is even better!

[jmjj215]

Too bad you have to itemize to even be eligible.

[jmjj215]

Ironic, because the poorer people won't be the ones deducting.

[Gailete]

We have to take a 1000+ business trip next week (hauling a trailer) so this is great compared to what it would have been.

Gail