IRS Announces 2007 Standard Mileage Rates
November 8, 2006
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STANDARD MILEAGE RATES |
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2006 |
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2007 |
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Business |
44.5¢ |
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48.5¢ |
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Charitable |
14¢ |
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14¢ |
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Medical and Moving |
18¢ |
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20¢ |
The Internal Revenue Service has 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:
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48.5 cents per mile for business miles driven;
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20 cents per mile driven for medical or moving
purposes; and
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14 cents per mile driven in service of
charitable organizations.
Link:
Revenue Procedure 2006-49
Please contact us if you have
any questions regarding this information.
Material discussed in this
Tax Newsletter is meant to provide general
information and should not be acted on without obtaining professional
advice appropriately tailored to your individual needs.
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