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Saturday, November 25, 2006

Taxes - New standard mileage rates for 2007

Thanks to the higher gas prices, IRS has increased the standard mileage rates for using car for business, and medical/moving purposes. The new rates are:

Business miles driven: rates increased from 44.5 cents/mile in 2006 to 48.5 cents/mile in 2007

Medical or moving purposes: rates increased from 18 cents/mile in 2006 to 20 cents/mile in 2007

The rates for miles driven in service to a charitable organization still remain the same as that for 2006 which is 14 cents/mile.

posted by Ruby @ 6:37 AM

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