SBOs - 4Q tax deduction increase for mileage

[riddler 0]

Small Business Owners, or people that ordinarily deduct auto mileage from their taxes:

On September 9, 2005, the IRS announced an increase in the standard mileage rate for the final four months of 2005. The rate will increase to 48.5 cents a mile driven between September 1, 2005 and December 31, 2005. The IRS made this special adjustment in recognition of the recent gasoline price increases.

Hope it helps!

Edit - guess I should add a link (remember, never take tax advice from a stranger )

http://www.irs.gov/newsroom/article/0,,id=147423,00.html

Trapped on the surface of a sphere. XKCD

[lawrocket 3]

That is good news!!! Will this be considered another tax cut for the rich?

My wife is hotter than your wife.

[outlawphx 1]

Nice! I decided long ago that tracking actual costs was too much of a headache.

[eeneR 3]

Damn i wish that would have taken effect Aug 1st!!! I turned in mileage for the month of aug to the tune of about 1300 miles

She is not a "Dumb Blonde" - She is a "Light-Haired Detour Off The Information Superhighway."
eeneR
TF#72, FB#4130, Incauto

[masterrig 1]

Quote

That is good news!!! Will this be considered another tax cut for the rich?

__________________________________________

Of course it will! It's just the way it is with the left wing liberals!
(That said, let's see how long before it gets moved to... SC)


Chuck

[livendive 8]

Quote

That is good news!!! Will this be considered another tax cut for the rich?

Who else can afford gas these days??

Blues,
Dave

"I AM A PROFESSIONAL EXTREME ATHLETE!"
(drink Mountain Dew)