Senate Passes Internet Tax Moratorium Extension; House Could Approve Soon

Social Security Reform Could Come Next Year, Republicans Say

Government Suit Alleges Illinois Man Sells Bogus Defense to Refusal to File Tax Returns and Pay Taxes  – I wonder how many morons paid this guy $3,500 for his magic “get out of taxes” documents.  According to the anonymous retarded person who leaves late night obscene messages on our answering machine, IRS will provide that for free.

Although I had been seeing some people claim over the past few weeks that the standard business mileage rate was going to be 40 cents per mile for 2005, I couldn’t find any official documentation of the 2005 rate, so I held off discussing it.

I’m glad I did wait because IRS has just announced that the business mileage rate will be 40.5 cents per mile for 2005.  That is up from the 37.5 cents we can claim for 2004. 

They also raised the mileage deduction for medical and moving to 15 cents per mile, up from the 14 cents per mile rate for 2004. 

The deduction for charitable miles will stay at 14 cents for 2005.

I say this every year, but it never ceases to amaze me, as a numbers person, how the wizards at the IRS are able to calculate the fact that vehicles cost so much less to operate when they are used for medical, moving or charitable reasons instead of for business trips. 

Since we all recognize the fact that the IRS knows all and sees all, when will the car rental companies provide different rates depending on the purpose of the driving?  I’m not holding my breath waiting for that to happen.

Understanding Hedge Funds

Economists Urge Bush To Concentrate On Cutting Taxes

Scrap the tax code