Mileage rates.

• Author: Laffie, Lesli S.
• Position: FROM THE IRS

The optional standard mileage rate for 2007 will be 48.5 cents per mile for business miles driven, according to Rev. Proc. 2006-49. This is up from the 44.5 cents rate set for 2006 in Rev. Proc. 2005-78.

Rev. Proc. 2006-49 sets the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Service said that beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or...