November 02, 2006

IRS Announces 2007 Standard Mileage Rates

WASHINGTON -- The Internal Revenue Service today issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
* 48.5 cents per mile for business miles driven;
* 20 cents per mile driven for medical or moving purposes; and
* 14 cents per mile driven in service to a charitable organization.