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.
