As predicted here last week, the IRS has increased the mileage rate for the business use of a car, to 48.5 cents per mile, effective September 1, from the 40.5 cents per mile set back on November 17, 2004 (Rev. Proc. 2004-64). This 20% increase pales in comparison to the 60% increase in the retail price of a gallon of gasoline (regular grade) from $1.91 to today’s $3.07. For further details, see:
IRS Increases Business Mileage Rate to 48.5 Cents Per Mile
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