|
|
| *Ostroff, Fair and Company>>>Other Taxes |
Is there a IRS or average pay for mileage for on the job travel? |
Is there a IRS or average pay for mileage for on the job travel? Yes. For 2005, there were two rates. For the beginning of 2005 it was 40.5, but the IRS increased it to 48.5 cents towards the end of the year because of the spike in gas prices. Check out the IRS website and search "Standard Mileage Rate". The current rate for 2006 is 44.5 cents per mile. Yes. Currently the rate is $0.405 per mile. That means if you are required to drive your personal vehicle, that is the compensation your employer is supposed to give you. Some will try to screw you out of it though. http://www.irs.gov/newsroom/article/0,,i... Yes . 40.5 www.irs.gov Yes, but you might have to provide records of your travel. $0.365 per mile IRS Announces 2006 Standard Mileage Rates WASHINGTON 鈥?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. 鈥淭he IRS took the extraordinary step of temporarily increasing the standard mileage rates in the aftermath of Hurricane Katrina,鈥?IRS Commissioner Mark W. Everson said. 鈥淲e promised to continue closely monitoring the situation. The 2006 mileage rates reflect that gas prices have dropped.鈥?br /> The standard mileage rates for business, medical and moving purposes are based on an annual study of the fixed and variable costs of operating an automobile. Runzheimer International, an independent contractor, conducted the study for the IRS. The mileage rate for charitable miles is set by statute. |
| Tags |
| Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes |
Finance Categories--Copyright/IP Policy--Contact Webmaster |