12101 East Second Avenue, Suite 201A

Aurora, CO  80011

Phone: (303) 364-0400      Fax: (303) 364-0404

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IRS NEWS and UPDATES

Standard Mileage Rates for 2007

January 1, 2007 -- The standard mileage rate for all business miles has increased to 48.5 cents a mile.  Effective for transportation expenses paid or incurred on or after January 1, 2007. (Rev Proc 2006-49)

• The rate for charitable miles remains at 14 cents a mile
• The rate has increased to 20 cents per mile when computing deductible moving expenses.
• The rate has increased to 20 cents per mile when computing deductible medical expenses.

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Last modified: 12/18/07