The IRS announced earlier this month that it has increased the national per-mile business driving rate from 40.5 cents to 48.5 cents -- a 20 percent jump. The new rate applies only for the last four months of 2005.
The IRS also announced a new mileage rate for computing deductible medical or moving expenses. That rate is now 22 cents per mile, up from 15 cents -- a 46 percent increase. The rate for providing services for charitable organizations remains at 14 cents per mile.
Drive carefully.
Patrick Kennedy
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