IRS-Mileage Rate

By: Associated Press
By: Associated Press

Starting next year, the deductible rate you can claim for using your personal car on business will be 44 and a-half cents a mile.

The new rate, set by the Internal Revenue Service, is four cents a mile less than the temporary rate that it put in place for the last four months of this year, because of higher gasoline prices. But it's still four cents higher than the rate that was in effect for most of this year.

Many businesses use the IRS rate as a model for reimbursing employees for travel costs.

12/03/05


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