I.R.S. raises mileage rate - WALB.com, Albany News, Weather, Sports

I.R.S. raises mileage rate

  • More WALB News10 HeadlinesMore News Headlines

  • Tuesday, June 18 2013 7:25 PM EDT2013-06-18 23:25:17 GMT
    A young man in Moultrie is turning to you for help after suffering from a rare flesh eating bacteria. Michael Hobgood suffered a cut on his thumb while shooting a gun at an area pond. The condition of
    A young man in Moultrie is turning to you for help after suffering from a rare flesh eating bacteria. Michael Hobgood suffered a cut on his thumb while shooting a gun at an area pond.
  • Tuesday, June 18 2013 7:24 PM EDT2013-06-18 23:24:00 GMT
    Sherwood Baptist Church is inviting all children to join its Backyard Bible club. The club runs from 10-noon until Friday.Church members assist the children in worship and bible study.The camp is held
    Sherwood Baptist Church is inviting all children to join its Backyard Bible club. The club runs from 10-noon until Friday.Church members assist the children in worship and bible study.The camp is held
  • Tuesday, June 18 2013 7:04 PM EDT2013-06-18 23:04:37 GMT
    Dan McCarthy, AHA Executive Director, stands before city commissioners during Tuesday's Meeting
    An Albany Housing Authority plan to revitalize a central Albany neighborhood gets a stamp of approval from city leaders. Commissioners approved a resolution of support for the plan to transform McIntosh
    An Albany Housing Authority plan to revitalize a central Albany neighborhood gets a stamp of approval from city leaders.  Commissioners approved a resolution of support for the plan to transform McIntosh Homes into a thriving mixed income community called "The Oaks at North Intown".

November 19, 2004

Albany -- Next year you will be able to deduct three more cents per mile for business mileage in your personal car. This is the largest one year rate hike for business mileage ever by the Internal Revenue Service.

 Starting in 2005, deductible rates will rise to 40 and one half cents per mile for business. Currently it is 37 and a half cents.

 Also medical or moving expense mileage rates will rise from 13 to 14 cents. Services for charitable organizations will rise to 14 cents.

Revenue Agent Teresa Crow said "The cost of vehicles and the cost of fuel has gone up tremendously in the last year or so, so we went in an adjusted the standard rate accordingly."

The IRS sets mileage rates based on an annual study of the cost of operating a car.

posted at 4:16 PM by jimw@walb.com