Sick of high gasoline prices? If you are, and you drive for work, the IRS is coming to the rescue:
"The Internal Revenue Service and Treasury Department announced today an increase to the optional standard mileage rates for the final four months of 2005.
The rate will increase to 48.5 cents a mile for all business miles driven between Sept. 1 and Dec. 31, 2005. This is an increase of 8 cents from the 40.5 cent rate in effect for the first eight months of 2005, as set forth in Rev. Proc. 2004-64.
“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.”
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2005. The IRS normally updates the mileage rates once a year in the fall for the next calendar year."
Link: IRS Increases Mileage Rate Until Dec. 31, 2005.
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