Friday, September 16, 2005
Marvelous Mileage Moolah
If you're an American WAHperson who uses a vehicle for business, you have got to know about this!!
The IRS has just announced that the mileage-
deduction rate for business use of your vehicles,
which was set at 40.5 cents per mile effective
January 1, 2005, jumped to 48.5 cents per mile,
effective September 1st and lasting through
December 31st. The 20% hike is due to the
outrageous increase we’ve seen in gas prices.
The deductible rate for Medical and Moving
expenses was increased to 22 cents a mile (up
from 15 cents for the first eight months of 2005),
but the rate for providing services for Charitable
Organizations (which is set by Congress, not the
IRS) remains at 14 cents a mile.
If you haven’t yet done your 90-consecutive-day
vehicle log, TIME IS RUNNING OUT. Two weeks
from now, less than 90 days will be left in 2005.
That means NOW...go, go!!!
The IRS has just announced that the mileage-
deduction rate for business use of your vehicles,
which was set at 40.5 cents per mile effective
January 1, 2005, jumped to 48.5 cents per mile,
effective September 1st and lasting through
December 31st. The 20% hike is due to the
outrageous increase we’ve seen in gas prices.
The deductible rate for Medical and Moving
expenses was increased to 22 cents a mile (up
from 15 cents for the first eight months of 2005),
but the rate for providing services for Charitable
Organizations (which is set by Congress, not the
IRS) remains at 14 cents a mile.
If you haven’t yet done your 90-consecutive-day
vehicle log, TIME IS RUNNING OUT. Two weeks
from now, less than 90 days will be left in 2005.
That means NOW...go, go!!!
# posted by Dan Reinhold @ 6:11 AM 
