IRS Announces New Mileage Rates
The 2007 optional standard mileage rate will be 48.5 cents per mile for business miles driven, according to a November 1 IRS news release. That is up from 44.5 cents per mile for 2006.
Other standard mileage rates for 2007 will be 20 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service to a charitable organization. The IRS said the higher rates for 2007 can be attributed to higher prices for vehicles and fuel during 2006.
For more information, click here to consult the IRS website.
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