Posted by PAW_Fl on 12/2/05 4:05pm
Msg #79984

IRS issues the 2006 optional standard mileage rates

WASHINGTON - The Internal Revenue Service today issued the 2006 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning Jan. 1, 2006, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

*
44.5 cents per mile for business miles driven;
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18 cents per mile driven for medical or moving purposes; and
*
14 cents per mile driven in service of charitable organizations, other than activities related to Hurricane Katrina relief.

The new rate for business miles compares to a rate of 40.5 cents per mile for the first eight months of 2005. In September, the IRS made a special one-time adjustment for the last four months of 2005, raising the rate for business miles to 48.5 cents per mile in response to a sharp increase in gas prices, which topped $3 a gallon.

Read the release at http://www.irs.gov/newsroom/article/0,,id=151226,00.html

Reply by Roberta_OR on 12/2/05 4:08pm
Msg #79985

Thank You Paw........

Reply by Charm_AL on 12/2/05 4:10pm
Msg #79987

Tanks!

Reply by CarolynCO on 12/2/05 4:27pm
Msg #79991

did you forget your "h" or do you think you're still communicating with Beth?

Reply by Tina_MA on 12/2/05 4:17pm
Msg #79988

Thanks, Paul!

You're always on top of things!

Reply by BarbaraL_CA on 12/2/05 7:30pm
Msg #80031

Thank you Paul!

That link helped me in more ways than one. I followed it to the Tax Information for Churches and Religious Organizations which had information on Unrealted Business Income Tax General Rules - which is exactly what the Board of Trustees at our church have been trying to make sense out of for 2 months!