New Mileage rates for remainder of 2005

On September 9, 2005 the IRS released new mileage rates for September 1 through December 31, 2005 due to the recent increase in gas prices.

The new business rate for the remainder of 2005 is 48.5 cents per mile.

The new 4-month rate for computing deductible medical or moving expenses will be 22 cents a mile, up from 15 cents for the first eight months of 2005. Flexible spending accounts reimburse for mileage when traveling to and from a care provider . The new rate will apply only for the last four months of 2005.

Return to news