Saturday, September 10, 2005

Mileage Rate Increase from 9/1-12/31/05

IRS Increases Mileage Rate Until Dec. 31, 2005

The Internal Revenue Service announced an increase to the optional standard mileage rates for the final four months of 2005.
The rate will increase to 48.5 cents a mile for all business miles driven between Sept. 1 and Dec. 31, 2005. This is an increase of 8 cents from the 40.5 cent rate in effect for the first eight months of 2005, as set forth in Rev. Proc. 2004-64.
While gasoline is a major factor in the mileage figure, other items enter into the calculation of mileage rates, such as the price of new vehicles and insurance.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of the extra burden of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new four-month rate for computing deductible medical or moving expenses will be 22 cents a mile, up from 15 cents for the first eight months of 2005. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.

Friday, September 02, 2005

Charities that Qualify for deductions

See the web site below in order to find a Charity where donations are allowed by the IRS.,,id=96136,00.html

Just click on Search Now, in the Most Recent Date Update section and you will be given search criteria to complete.

Thursday, September 01, 2005


With the Pennewell Invitational golf tournament only days away, October 1st, I would like to take time to recognize the contributions of our event sponsors. Without the generous gifts of these individuals, we would not be able to have this event. Thanks to the following sponsors of the Pennewell Invitational:

1-Jay Allen of RSS Field Services, Inc.
2-Nancy Nguyen of Brandon Realty, Inc.
3-Wayne Pennewell of PENN PRO, Inc.
4-I also sponsor the tournament but without the beforementioned individuals, there would not be a tournament.