Thursday, September 15, 2005

Mileage rates increase -- sort of

A follow up to an earlier post on The Locker Room (http://www.johnlocke.org/lockerroom/) --

"In recognition of recent gasoline price increases," the Internal Revenue Service has just raised the standard mileage allowance for business travel from 40.5 cents to 48.5 cents per mile. (
http://www.irs.gov/newsroom/article/0,,id=147423,00.html)

"This is about fairness for taxpayers,” said IRS Commissioner Mark W. Everson. “People are entitled to deduct the real cost of operating a vehicle. We’ve responded to the recent gas price increases by making this special adjustment so taxpayers get the tax benefit they deserve.”

Volunteers who travel on behalf of non-profit organizations and charities will continue to enjoy the 14 cent per mile rate in effect since at least 2000 (
http://www.irs.gov/pub/irs-news/ir-00-81.pdf ); it is "set by statute, not the IRS", as the current press release points out.

 

 


 

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