A follow up to a much earlier post here —

“In recognition of recent gasoline price increases,” says the press release, the Internal Revenue Service has just raised the standard mileage allowance for business travel from 40.5 cents to 48.5 cents per mile.

“This is about fairness for taxpayers,? said IRS Commissioner Mark W. Everson. ?People are entitled to deduct the real cost of operating a vehicle. We?ve responded to the recent gas price increases by making this special adjustment so taxpayers get the tax benefit they deserve.?

Volunteers who drive on behalf of non-profit organizations and charities will continue to enjoy the 14 cent per mile rate in effect since at least Year 2000; it is “set by statute, not the IRS”, as the current press release kindly reminds us, and apparently Congress hasn’t gotten around to increasing it the past five years.