It’s my annual “Taxes from A to Z” series! For the series, I’ll focus on terms that you might see on your tax forms and statements but not necessarily in the headlines. If you’re wondering whether you can claim wardrobe expenses or whether to deduct a capital loss, this is one series you won’t want…
(Note: We have our winners! Thanks for playing!) New mileage rates go into effect this week for business, moving and medical travel expenses. To help keep you on track, taxgirl and the good folks at BizMile are hosting a giveaway. Ten* lucky readers will receive a free version of the 2011 version of BizMile (each a…
After months of speculation and roller coaster oil prices, the IRS finally announced an increase in the optional standard mileage rates. The IRS generally only updates mileage rates once a year. However, with gas prices still on the rise, the IRS made an adjustment midyear. Doug Shulman said, about the increase: This year’s increased gas prices…
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 for business miles has…
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…
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…
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.