Mileage Rates Go Up in 2007
According to the Internal Revenue Service, the 2007 standard mileage rates used to calculate the deductible costs of operating an automobile for business will go up. Beginning January 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, up from 44.5 cents per mile in 2006.
The increased rates are due to the higher costs of vehicles and fuel during 2006. The standard mileage rates for business, medical and moving purposes are based on an annual study of the fixed and variable costs of operating an automobile.
Visit the IRS for more information.
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