IRS ups mileage reimbursement ratePublished on 10/10/2005Farmers who itemize mileage on their tax returns will be able to get a little more back from the federal government this year. Due to recent high gas prices, the Internal Revenue Service increased the mileage reimbursement rate to 48.5 cents per mile for all business miles driven between Sept. 1 and Dec. 31. The previous rate was 40.5 cents. The 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. | |