IRS ANNOUNCES NEW STANDARD MILEAGE RATES IN LIGHT OF RISING GAS PRICES

The IRS has recently announced that the standard mileage rates have been increased effective September 1, 2005. The new rates are as follows:

• Business miles - 48.5 cents per mile
• Medical and moving miles – 22 cents per mile
• Mileage for services to charities remains at 14 cents per mile (This rate is established by Congress.)

If fuel prices continue to increase, there may be additional adjustments in 2005.

If you have any questions on the new mileage rates please contact our tax department at (781) 453-8700

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