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Finally, Something Good from the IRS: 48.5 Cents/Mile
Orginally published on Thursday, November 16, 2006 at 5:03 AM
by Todd Rhoades
For all you pastors and evangelists who rack up miles on year car each year for the sack of ministry, I have good news for you. The IRS has announced that as of January 1, 2007, the standard mileage rate for business purposes will be raised to 48.5 cents per mile.
http://churchrelevance.com/2006/11/07/what-the-irs-did-to-save-you-money/And for the church volunteers, the mileage rate for charitable service purposes will remain unchanged at 14 cents per mile.
Log your miles. Enjoy the savings.
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There are 9 Comments:
Hi... I'm Todd Rhoades. I'm a Christ-follower, husband, father and I love to connect leaders with other leaders. Hopefully you'll find something here at MMI you like and will return often. If you want, you can find out more about me or follow my every step on Twitter.
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Thursday, November 16, 2006 at 12:26 PM
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Thursday, November 16, 2006 at 5:48 PM
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Thursday, November 16, 2006 at 6:24 PM
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Thursday, November 16, 2006 at 7:26 PM
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Monday, November 20, 2006 at 9:31 AM
Post Your Comments:When gas goes back up to $3.++ a gallon we will still be losing money every time we turn the key.
Off topic yet still on???
How many individuals really log all their miles or even any? Just wonderin’
Rev Jeff said:
“When gas goes back up to $3.++ a gallon we will still be losing money every time we turn the key. “
The IRS rule seems generous- if you get 16 mpg (like my ‘97 pickup gets), that’s almost $8 per gallon. My Honda gets 26 MPG, so that is almost $13 per gallon from the IRS.
I work with a guy from England who likes to keep me informed of all thing English and he pointed out to me that the price of gas in England is currently about $5.80. So let’s not grumble about anything under $3.00 too much. It could always be worse.
We log ours, and keep receipts etc.
We do not track our mileage, and have never claimed mileage on our taxes.
“We do not track our mileage, and have never claimed mileage on our taxes. “
I would think that tracking mileage, if it is significant, would be a good stewardship thing, since it allows you to more effectively use your money for the kingdom. There are those who collect empty pop cans to support missions; this seems easier.
You guys are lucky.
I live in Canada where Revenue Canada requires detailed record keeping of car expenses—gas, oil, maintenance, lease, etc. As I recall, my claim for 2005 was 19 cents a km or 30 cents a mile, for a Saturn SL2. 48.5 cents would be wonderful.
Mileage mounts quickly. 10,000 business miles equals $4,850.00 non-taxable.
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