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Tax Guru-Ker$tetter Letter
Friday, December 02, 2005
 
IRS Announces 2006 Standard Mileage Rates

 Beginning Jan. 1, 2006, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

  • 44.5 cents per mile for business miles driven;
  • 18 cents per mile driven for medical or moving purposes; and
  • 14 cents per mile driven in service of charitable organizations, other than activities related to Hurricane Katrina relief.

The new rate for business miles compares to a rate of 40.5 cents per mile for the first eight months of 2005. In September, the IRS made a special one-time adjustment for the last four months of 2005, raising the rate for business miles to 48.5 cents per mile in response to a sharp increase in gas prices, which topped $3 a gallon.

 

 


- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 12/02/2005 06:01:00 PM Send this post:

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