(BOOM!) IRS boosts mileage rate to $.485 per mile (8 cent increase)

[underpants]

Effective September 1, 2005 the mileage rate is 48.5 cents per mile an 8 cent raise (a 16% increase) overnight.

This is for information as well as discussion purposes. You may want to make sure your employer is aware of this and that your tax records reflect this.



http://www.orlandosentinel.com/business/orl-irsmileage10_105sep10,0,5689086.story?coll=orl-business-headlines

[FloridaPat]

1. This is great. I'm doing sales for commissions. Now if I only had an

income to take it against.

[underpants]

2. That's why I included the bit about taxes

Now get out there and SELL SELL SELL

[Ernesto]

3. Thanks for the update...........

I've been called back to work in my consulting gig (56 miles round trip). So I've been wondering if the IRS was keeping in touch reality.

[Paulie]

4. Nice!

If I was able to write off my daily commute, at 52mpg in the Prius, I'd get $35 for spending $5 on gas and oilchange....

If you had a Prius for business only (at my current mileage this year)

.485 x 23 300 = $11,300.50
(23 300 / 52mpg) * $3.00 = 1,344.23

If you are in sales, you need a Hybrid! :) :) :)

(23 300 / (52 / 2)) * 3.00 = 2 688.46
(23 300 / (52 / 3)) * 3.00 = 4 032.69
(23 300 / (52 / 4)) * 3.00 = 5 376.92

[underpants]

5. Outstanding

That is great

[Lone_Star_Dem]

6. Yippee!

That's like a life line to my sinking income!

[phusion]

7. I think my employer

was paying me $.36 for a long time while the actual rate was $.40. I didn't realize this until later, but I never brought it up.

I wonder if there's anything I can do.