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09/19/05 - Increase in Standard Mileage Rate
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The Internal Revenue Service has announced an increase in the standard mileage rate from $.405 to $.485. The increased rate will apply from September 1 through December 31, 2005. The standard mileage rate is a method commonly used by corporate and individual taxpayers to compute the deductible costs of operating an automobile for business use, and is also used by the federal government and many businesses to reimburse employees for mileage expense.
The IRS will review the rate again at the end of 2005. Although a number of factors will enter into the decision on where the rate is set, if gasoline prices decline as many people are predicting, the IRS could drop the rate back down below $.485 for 2006.
For more information, go to http://www.irs.gov/newsroom/article/0%2C%2Cid=147423%2C00.html.
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