For those of you who drive for business, charity, medical appointments or moves and deduct the mileage on your taxes, the new standard mileage rates were released yesterday.

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.

The new rate for business miles compares to a rate of 44.5 cents per mile for 2006. The new rate for medical and moving purposes compares to 18 cents in 2006. The primary reasons for the higher rates were higher prices for vehicles and fuel during the year ending in October.

This entry was posted on Thursday, November 2nd, 2006 at 12:26 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.