Mileage Rate Increases for the Remainder of '05

The IRS decided to break routine and update the mileage rate early, in order to address the rising cost of gas. The rate has increased 8 cents to 48.5 cents a mile for all business miles driven between September 1st and December 31st.

From BLR...

"This is about fairness for taxpayers," IRS Commissioner Mark W. Everson said. "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."

Read the entire article here.