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

I.R.S. raises mileage rate

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Albany industries awarded by EDC

    Albany industries awarded by EDC

    Wednesday, April 16 2014 12:21 PM EDT2014-04-16 16:21:28 GMT
    The Albany-Dougherty Economic Development Commission recognized existing industries Coats & Clark, Outdoor Network, Better Brands of South Georgia, and Phoebe Putney Memorial Hospital for their globalMore >>
    Coats & Clark, Outdoor Network, Better Brands of South Georgia, and Phoebe Putney Memorial Hospital were all recognized....More >>
  • Idling car stolen, quickly recovered

    Idling car stolen, quickly recovered

    Wednesday, April 16 2014 11:21 AM EDT2014-04-16 15:21:50 GMT
    It was cold enough this morning that Owen Griffin decided to let his car warm up, so he left it idling at his Waverly Avenue home about 10:00AM.   He looked outside to see someone driving off in his KIAMore >>
    It was cold enough this morning that Owen Griffin decided to let his car warm up, so he left it idling at his Waverly Avenue home about 10:00AM.   He looked outside to see someone driving off in his KIA Rio a short time later.More >>
  • DCSS transformation infrastructure project kicks off

    DCSS transformation infrastructure project kicks off

    Wednesday, April 16 2014 7:17 AM EDT2014-04-16 11:17:13 GMT
    The Dougherty County School System's technology infrastructure will get a major overhaul before next school year.      The information technology department kicked off the project with an informationalMore >>
    The Dougherty County School System's technology infrastructure will get a major overhaul before next school year.      The information technology department kicked off the project with an informationalMore >>

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

Powered by WorldNow