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June 23rd, 2008

Gas Tops $4/Gallon, IRS Finally Ups Mileage Rate

It cost me nearly $50 to fill my tank this week - $50! And I drive a pretty fuel efficient car. Gas in my home town has hit $4.25/gallon for plain old standard gas. Yuck. Gas prices are just climbing and climbing.
At least there’s a small break: the mileage rate […]

By Kelly -- 11 comments

March 10th, 2007

Tax Changes for 2006 (Pt 5)

Mileage rates. I got to it, okay? Yes, this is #1 question I’ve been asked for the 2006 tax year. Take a deep breath. Here are the rates:

The standard mileage rate for business use of a car, van, pick-up or panel truck is 44.5 cents per mile.
The standard mileage rate for the cost of operating […]

By Kelly -- 1 comment

November 1st, 2006

C’mon Baby, Drive My Car

With gas prices on the rise, it’s no surprise that the mileage rates as determined by IRS were a little higher this year than in years past.
For the calendar year 2007, the standard mileage rates will be:

48.5 cents per mile for business miles driven;
20 cents per mile driven for medical or moving purposes; and
14 cents […]

By Kelly -- 0 comments

September 12th, 2005

IRS Ups Mileage Rate

The IRS has increased the mileage rate for the business use of a car, to 48.5 cents per gallon, from 40.5 cents per gallon effective September 1, 2005. The rate is only good through December 2005. The IRS anticipates that it will, later in the fall, make the annual adjustment for 2006.

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By Kelly -- 0 comments