September 26, 2006 Update...

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IRS Mileage Rates
~ A Note from the Tax Director at Case | Sabatini ~

Clarification and correction:  Last week, our eNewsletter ran an article concerning IRS mileage rates for the 2005 tax year, as revised by the IRS in mid-2005. These should aid taxpayers who need to complete their 2005 tax returns (due in October). 

For 2006 (until the IRS provides otherwise), the following apply:

The business mileage rate for 2006 is 44.5 cents per mile.

Medical and Moving mileage rate (for medical or moving expenses)
is 18 cents per mile.

The mileage rate for charitable purposes (aside from Hurricane Katrina relief activities) is 14 cents per mile. (For Katrina relief mileage, it's 32 cents/mile for deduction purposes and 44.5 cents/mile for reimbursement purposes.)

For additional guidance, or if you would like to discuss how this will affect your tax planning, please contact our firm at (412) 881-4411.  If you do not have a contact at Case | Sabatini, simply ask for Jim Dee and he'll make sure to put you in touch with the CPA whose background most closely matches your needs.

www.CaseSabatini.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

   
© 2006 Case | Sabatini.