IRS issues 2007 mileage rates
The IRS announced today its optional standard mileage rates for the coming year, raising rates due to higher car and fuel prices last month.
See whether your employer measures up to the IRS recommendations:
Starting Jan. 1, the IRS recommends employers reimburse workers 48.5 cents per mile for business travel. That's up 4 cents from the current rate of 44.5 cents per mile.
For medical or moving travel, the IRS recommends a reimbursement rate of 20 cents per mile, up from 18 cents this year. And the suggested rate for charity travel will be 14 cents per mile.
The IRS bases these rates on an annual study of the costs of operating a car. Charitable mileage reimbursement rates are set through a separate process.
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