Mileage rates will be back up to 48.5 cents per mile for business miles driven in 2007, according to the latest figures issued by the IRS. Medical and moving miles will be deductible at 20 cents per mile.
The increase for business miles is 4 cents over 2006. For medical miles, the increase is 2 cents, from 18 to 20.
Of course, charitable mileage rates have remained steady at 14 cents per mile.
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