Once Set for a Year, When Might the IRS Change

question 47

Essay

Once set for a year, when might the IRS change the rate for the automatic mileage method?

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Definitions:

Cost

The amount of money required to purchase, produce, or maintain something.

Markup Percent

The extra portion put on the cost of items to cover the expenses of operation and achieve profit.

Selling Price

The amount for which something is sold, making it the price a buyer pays to acquire a product or service.

Markup Percent

The proportion added onto the purchase price of products to account for overhead costs and gain a profit.