Posted by Cheryl_NV on 10/4/05 4:03pm
Msg #68824

IRS Milage Change

I just wanted to let everyone know that the IRS up'd the milage rate from 40.5 cents a mile to 48.5 cents a mile

1/1/05 - 9/14/05 40.5 cents per mile
9/15/05 - 12/31/05 48.5 cents per mile

Just thought you should know.

Reply by Charm_AL on 10/4/05 4:21pm
Msg #68829

thanks Cheryl,
getting into preparations now for the tax season and was wondering when they changed it!
Cheryl

Reply by Mindy_WA on 10/4/05 4:23pm
Msg #68831

Charm,
Husband said that the milage change is for the months of Sept-Dec. All previous months are still 40.5.

Reply by CrystalT_FL on 10/5/05 10:25am
Msg #68935

They announced it on Sept 9 (see Msg #64425 )

Reply by Becca_FL on 10/4/05 5:07pm
Msg #68838

Now, if someone could just tell me how to....

change the milage rate in my Excel spread sheet, I'd be in business. Anyone????

Reply by Cheryl_NV on 10/4/05 5:34pm
Msg #68842

Re: Now, if someone could just tell me how to....

Go to the cell that has your milage rate and just change it. If you need help e-mail me at [e-mail address] and I can help you.

Reply by Anonymous on 10/4/05 7:07pm
Msg #68862

Re: Now, if someone could just tell me how to....

I must be behind, you guys log your miles on a spread sheet. I ask b/c, my accountant simply gives me the standard deduction for mileage. Which is better?

Reply by Cheryl_NV on 10/4/05 7:48pm
Msg #68869

Re: Now, if someone could just tell me how to....

If you are audited the IRS will want you milage log, at least 2 repair bills or oil changes, etc. for the year being audited.

How does your accountant know how many miles you drive? I am also an accountant. The IRS allows you a certain amount per mile. The number changes from year to year.

Reply by Anonymous on 10/4/05 8:00pm
Msg #68872

Re: Now, if someone could just tell me how to....

That's a good question. My understanding is, I have two options, the option in which we go w/ is the standard deduction for mileage.

Reply by Cheryl_NV on 10/5/05 8:08am
Msg #68918

Re: Now, if someone could just tell me how to....

The choices are standard deduction for milage which is based on the rate the IRS sets per mile or actual costs for gas, repairs, tires, etc.. Milage usually works better. But for the standard deduction you need to know how many miles you drove for the year broken down between business and personal. The IRS also wants a written log kept.