New mileage rates for 2005

California CPA, Jan-Feb, 2005

Beginning Jan. 1, 2005, the IRS standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

* 40.5 cents a mile for all business miles driven (up from 37.5 cents a mile in 2004);

* 15 cents a mile when computing deductible medical or moving expenses (up from 14 cents a mile in 2004); and

* 14 cents a mile when giving services to a charitable organization.

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For more, visit www.irs.gov/newsroom/article/0,,id=131232,00.html.