IRS ANNOUNCES 2007 MILEAGE RATES

The optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, or medical purposes.

Beginning Jan 1, 2007 the rates will be

Business – 48.5 cents per mile driven

Medical or Moving miles are 20 cents per mile driven

Miles driven for Charity purposes are 14 cents per mile.

The first two are determined by an annual study while the third is set by law.

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