Under the Dome notes that the IRS is moving the maximum business mileage rate up to 50.5 cents per mile.
It’s been a while since 1972, when I sometimes made more money as a sportswriter for a Virginia weekly from my 8-cent-a-mile reimbursement than I did from my $1.30 hourly wage. If I drove 60 miles to Harrisonburg for a football game, I’d get $9.60 for the round trip. The two-hour roundtrip, at my hourly rate, was worth only $2.60. Gas was about 30 cents a gallon then. My Chrysler would get about 20 on the interstate, so I”d be out only about $1.80 in gas costs, netting almost $8 and be paid only $2.60 for the time. (Of course I’d get additional time at the game itself, maybe another $3.90.)
But back to the future. 50.5 cents? Yow. If that’s a fair assessment of the cost, including depreciation, of driving a car, do you have any idea of the real of commuting from Little Rock to Cabot every day? Downtown condo, anyone?
What’s your business pay for business miles? We’re less than half the maximum rate, I confess.