2006 IRS Mileage Rate

IRS has announced that the optional standard mileage rate has decreased 4¢ to 44.5¢ a mile for all business miles driven after 2005, down from 48.5¢ for the last four months of 2005. The rate for computing deductible medical or moving expenses after 2005 is decreased to 18¢ a mile, down from 22¢ for the last four months of 2005.

Background. Although IRS normally updates the mileage rates once a year in the fall for the next calendar year, back in Sept. IRS increased the optional standard mileage rates for the last four month of 2005 by 8¢ to 48.5¢ a mile. IRS made this special adjustment in recognition of gasoline price increases.

Have questions? I’m here to help.

This field is for validation purposes and should be left unchanged.
This field is for validation purposes and should be left unchanged.
Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement Uncategorized
About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA