Standard mileage rate increases by 4¢ for 2007

IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 48.5¢ for business travel after 2006. That's 4¢ more than the 44.5¢ allowance for 2006 business travel. This increase is due to higher prices for vehicles and fuel. Rev Proc 2006-49, 2006-47 IRB , IR 2006-168

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