Mileage rates for 2005 are a complex issue. We have two standard mileage rates that we have to deal with for 2005. Before September 1, 2005 the mileage rates are:
- Business Mileage Rate is 40.5 cents per mile
- Medical and Moving mileage is 15 cents a mile
- Charitable miles are at 14 cents a mile
On September 1, 2005 the following rates apply:
- Business Mileage rate is 48.5 cents per mile
- Medical and Moving mileage is 22 cents per mile
- Charitable mile are the same 14 cents a mile
This means that
when you submit your information to
your tax professional you should
segregate miles before August 31, 2005 from mileage September 1, 2005 through December 31, 2005. Another option would be to submit your
well kept mileage log. A well kept
mileage log will makes this a less stressful issue.
