It's time for an increase in the standard mileage rate
Last week an agency representative gave a thumbs down to the idea of an increase. Does this mean the IRS knows something we don't know about where gas prices are going? Or is it truly just too much of a "logistical challenge" to change the rate, as the IRS representative stated? From a gas-using taxpayer perspective, the mid-year rate change seemed fairly unchallenging and certainly very welcome in the past. The last time gas prices were this high, the IRS changed the mileage rate to 58.5 cents per gallon. It's time to recognize that the higher gas prices are likely to stick around for awhile, and that the mileage rate should reflect this.
Gail Perry, editor-in-chief