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Standard Mileage Rates Increase: The IRS is Helping You Out in 2006

By: Howard Young

Effective January 1, 2006, the Internal Revenue Service will increase the
standard mileage rates to 44.5 cents per business mile driven. The rate increase
is about 10% higher than the 2005 rate of 40.5 cents per mile and reflects
higher gasoline costs.

In September, the IRS adjusted the 2005 rate upward by 8 cents for the last
four months of 2005. This increase was due to a surge in oil and gasoline prices
from production losses in the Gulf Coast area.

The IRS also increased the deductible rates for medical or moving purposes
from 15 to 18 cents per mile; however, deductible rates for charitable
organizations remain at 14 cents per mile.

When you use your automobile for business, the mileage incurred is legitimate
business expense The new rates will help offset the cost of higher gas
prices.

See also: rel=tag>internal revenue service | href="http://technorati.com/tag/gasoline prices" rel=tag>gasoline prices |
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Howard Young is a freelance writer and site administrator for href="http://www.qtautonews.com">QT Auto News.

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High gas prices this year have souped up a deduction for people who drive personal vehicles on the job and aren't fully reimbursed by their employers.

Drivers may be able to deduct (The Myrtle Beach Sun News)
Talk about putting turbo in your income tax filings. High gas prices this year have souped up a deduction for people who drive personal vehicles on the job and aren't fully reimbursed by their employers.

Higher gas prices can mean lower tax bills (Houston Chronicle)
Talk about putting turbo in your income tax filings. Higher gasoline prices this year have souped up a deduction for people who drive personal vehicles on the job and aren't fully reimbursed by their employers.

Staunton City Council Meeting (News Leader)
Where: City Hall, 116 W. Beverley St. Issue: Consideration of the adoption to amend the city travel policy. The city wants to raise the mileage reimbursement rate to 44.5 cents. The current rate is 40.5 cents for city employees who use their own vehicle.