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Welcome to the WISE newsletter, a program of
The Falcone Center for Entrepreneurship at Syracuse University
 

Wednesday, January 04, 2006

The IRS announces 2006 standard mileage rates

The IRS web site states:
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;
  • 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.
See the web site for additional information.

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