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Beginning January 1, 2006, the standard mileage rate, which is the amount employers may deduct for the reimbursement of employees who use their own cars for company business, will be $.445 per mile.
The new rate, which the IRS uses to calculate the deductible costs of operating an automobile for business, is an increase over the rate of $.405 per mile that was in effect during the first eight months of 2005, and a decrease from the special adjusted rate of $.485 that the IRS issued for the last four months of 2005 in response to the sharp increase in gas prices.
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Updated
