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 a vehicle for medical reasons or as part of a deductible move is 18 cents per mile.
- The standard mileage rate for using a car to provide charitable services solely related to Hurricane Katrina is 32 cents per mile. Otherwise, the rate for providing services to charitable organizations is 14 cents per mile.
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This is one of the most valuable hints offered this year. Never knew it was this complicated. Thanks TaxGirl.
DAD