IRS Changes Standard Mileage Rate

IRS Increases Standard Mileage Rates in Response to Rising Gas Prices

In response to the recent dramatic gas price increases, IRS has announced that the optional standard mileage rate has increased 8¢ to 48.5¢ a mile for all business miles driven between Sept. 1 and Dec. 31, 2005, up from 40.5¢ for the first eight months of 2005. The rate for computing deductible medical or moving expenses between Sept. 1 and Dec. 31, 2005 is boosted to 22¢ a mile, up from 15¢ for the first eight months of 2005. IR 2005-99

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