IRS announces standard mileage rates for 2007

[Roland Slugg]

This information is also in another post but under a less-than-obvious subject/title.

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.

By comparison the rates in effect for the year 2006 are 44.5¢, 18¢ and 14¢ respectively.

The IRS has the authority to adjust the business and medical/moving rates based on annual studies, but changes in the charitable rate require legislative action.

[S T]

More Updates

For info also see the Tax Book under UPDATES.