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Change in Standard Mileage Rate
Posted 9/16/2005
The Internal Revenue Service (IRS) has increased the standard mileage rate for computing the value of business use of an automobile, effective Sept. 1 through Dec. 31, 2005.
The new rate for this time period is 48.5 cents per mile. Prior to Sept. 1, the rate was 40.5 cents per mile.
The adjustment for the last four months of the year is in response to the recent increase in gasoline prices.
Read about the change in the standard mileage rate on the IRS website.
The new rate for this time period is 48.5 cents per mile. Prior to Sept. 1, the rate was 40.5 cents per mile.
The adjustment for the last four months of the year is in response to the recent increase in gasoline prices.
Read about the change in the standard mileage rate on the IRS website.
