Standard Mileage Rate
November 2005
IRS News Release 2005-99
The
IRS has announced that they are raising the
standard mileage rate to 48.5 cents per mile for
business trips taken between September 1 and
December 31, 2005. The old rate was 40.5 cents
per mile for business trips taken between
January 1 and August 31, 2005. This rate
increase was caused by the rapidly rising price
of gasoline.
Because of this significant increase, providers
should make sure that they keep records of all
business trips made after September 1. For every
100 miles driven for business purposes after
this date, providers will be able to deduct an
extra $8 on their taxes. At the end of 2005
providers should be careful to keep records of
trips made before and after September 1, 2005.
~Tom
Copeland, Visit
www.redleafinstitute.org
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