Taxes: IRS Raises Mileage Reimbursement Rates for 2007
The IRS has increased the standard mileage rate commonly used to reimburse employees for business use of a car to 48.5 cents per mile, up from 44.5 cents in 2006. The new rate will apply to miles driven beginning January 1, 2007. Employers who use the IRS standard mileage rate to reimburse employees may deduct the reimbursement as a business expense.
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For the latest on mileage reimbursement rates, view our Mileage Allowance Department Page.