New Mileage Rate
The IRS has passed a new mileage rate to be used from September 1st thru the end of the 2005. The business mileage rate for 2005 was set at 40.5 cents per mile and has now been raised to 48.5 cents a mile for the last four months of the year. What this means to you is that you will need to bring in two mileage figures this year -- one for the first 8 months of the year and a second for the last four months of the year. The IRS cautions that this is only a temporary mileage rate because they believe that gas prices will stabalize at a lower cost.
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