No midyear tax relief for business drivers — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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No midyear tax relief for business drivers

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in Small Business Tax

Don't count on the IRS to increase the standard mileage deduction rate. Even though gas prices have shot up in recent months, the IRS says it won't adjust the current rate until the end of this year. It's currently set at 40.5 cents per business mile, plus tolls and parking fees. The good news: Expect a big boost in the standard mileage rate for 2006. That's because the 2006 rate is based on fuel costs for the 12-month period ending June 30, 2005.

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