Serves the Commercial Small Fleet Market of 10 – 50 Vehicles

IRS Raises Standard Mileage Rate Deduction

September 14, 2005

Responding to climbing gas prices, the Internal Revenue Service announced Friday a midyear change to the mileage rate used for business-expense deductions, the Wall Street Journal reported.For business miles tallied from Sept. 1 through Dec. 31 the standard mileage-rate deduction will 48.5 cents per mile. That rate, representing the largest one-time change to the mileage deduction, is an eight-cent spike from the 40.5 cents a mile it had been through August, according to the report.The deduction is open for companies with four or fewer vehicles. However, for larger companies, the IRS mileage deduction is commonly the standard for setting driver reimbursement rates.
Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

FleetFAQ

Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All

 

Fleet Tracking And Telematics

Todd Ewing from Verizon Connect will answer your questions and challenges

View All

 

Fleet Management And Leasing

Jack Firriolo from Merchants will answer your questions and challenges

View All

 

Sponsored by

ROUSH CleanTech, a division of Roush Enterprises, designs, engineers, manufactures and installs propane autogas fuel system technology for medium-duty Ford commercial vehicles and Blue Bird and Micro Bird school buses.

Read more

Up Next

More From The World's Largest Fleet Publisher