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Article added or updated:
05/12/2012 |
2005 IRS Mileage Rate Jumps From 2004
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The 2005 IRS mileage rate for businessuse is 40.5 cents per mile, up
from 37.5 cents for 2004.
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This 3-cent increase in the IRS mileage reimbursement rate is the
largest ever. Each year, the IRS commissions a study to determine the
costs of auto operation. Recent increases in fuel costs and new
vehicle prices warranted the big jump in the standard IRS mileage rate.
Read the full article at
IRS Link.
Special post-Katrina News!
On 9/9/2005, the IRS announced:
"The rate will increase to 48.5 cents a mile for all businessmiles
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." Read the full article at
IRS Link
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