Thursday, May 24, 2012

GAS PRICES RISING


Q. With gas prices rising, will IRS raise the standard mileage rate at midyear?

A. Actually gas prices have decreased lately so I doubt if we will see any changes. If we do see increases in the future it might be a possibility. Most analysts see prices staying low especially with an election coming up.

When the price of gasoline spiked in the first half of 2008 and 2011, the Service boosted the standard mileage rate by 8 cents per mile and 4.5 cents per mile, respectively, effective for the final six months of those years.

We will keep you posted.

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