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40.5 CENTS PER MILE!

November 17, 2004

The IRS has released the new standard mileage rates for 2005:

- Business use of auto: 40.5 cents per mile (was 37.5 cents)
- Medical rate: 15 cents per mile (was 14 cents)
- Charitable rate: remains at 14 cents.

Source: Rev. Proc. 2004-64 (pdf format)

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