Thomas Reed, P.C. Certified Public Accountants   
9025 E. Kenyon Ave. Suite L2 Denver, CO 80237   
Phone: (800) 970-7908 or (303) 832-7908    

 

 

2005 Mileage Rates Go Up Again

The IRS has announced new and increased rates as follows:

1) Business purpose mileage increases to 40.5 cents per mile

2) Medical purpose mileage increases to 15 cents per mile

3) Charitable purpose mileage remains at 14 cents per mile

Automobile related fringe benefits change as follows:

The exclusion amounts for qualified transportation fringe benefits go to $105 per month for transportation in a commuter highway vehicle and transit passes, with $200 per month for qualified parking for tax year 2005.

 
 

 


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