Gas Prices and Mileage: Will Business Owners Get a Break?

[kitchenqueen]

This came to mind as I was filling up my SUV with gas and it surpassed the $50 mark ...but do you think they will increase the rate they give us per mile?!?! I would hope the government gives us small business owners a break when it comes to the milage we are putting on our vehilces along with all the $$$ going towards gas!! I'm pretty sure right now they give us .33 cents per mile..if I am wrong please correct me. But I think 33 cents is squat to what we are paying for a gallon of gas these days. Does anyone know of any rate changes or think someone of importance will help change the rate given to business owners?

 

[Jennie4PC]

mileage

I know my husband works for a farming business and he just told me that they changed thier mileage to i believe .37 cents a mile but i may be wrong on the price but i do know they increased it so im sure they will increasse ours.

 

[Shawnna]

The current rate for state employees in OK is 40.5 cents per mile. It was 33, then 37, then 37.5, and now 40.5. Not sure about what we will get when tax time comes.

Shawnna

 

[kitchenqueen]

Thanks for the info!

Thanks ~ every little bit of information helps! I am glad to know that they will give us a bit more per mile seeing as how we are paying an arm and a leg to run errands ! My husband and I are currently shopping for a more gas efficient vehicle due to these outragous gas prices. Hopefully by tax time the rate will be higher. I can only assume it will due to the predicted climb of gas prices.

 

[Pampered Heather]

Per IRS and...

my tax accountant sister in law (handy to have one of these in the family)... the federal mileage rate for 2005 is 40.5 cents per mile. I think you can adjust the mileage rate in PP. If not you can track your mileage and claim the 40.5 at the end of the year. I drive for my regular job too so I have to write off the difference between their reimbursement and the federal allowance.