IRS Announces 2007 Per-Mile Business Driving Rate

Increase in 2007 national per-mile rate reflects higher gasoline prices over past year
Increase in 2007 national per-mile rate reflects higher gasoline prices over past year

RISMEDIA, November 6, 2006?The Internal Revenue Service (IRS) has announced the national per-mile business driving rate of 48.5 cents for the U.S. taxpayer, effective January 1, 2007. This compares to a rate of 44.5 cents-per-mile during 2006.

“The increase in the 2007 national per-mile rate primarily reflects higher gasoline prices over the past year,? notes Ted Schuerman, Director of Research & Client Service within Government Services at Runzheimer International. The other factor influencing the 2007 cents-per-mile rate is lower resale value of used vehicles,? states the vehicle cost expert. Remaining cost components, such as maintenance and insurance, remained relatively stable,? adds Schuerman.

To establish the annual per-mile rate, the IRS works closely with Runzheimer International, the Rochester, Wisconsin-based management consulting firm specializing in vehicle, travel, and living costs which has provided this service to the IRS since 1980. The 48.5 cents-per-mile standard is the amount the U.S. taxpayer can deduct for vehicle expenses on his or her 2007 tax return for business miles driven.

For more information, contact Cheryl Stang at Runzheimer International, Runzheimer Park, Rochester, Wisconsin 53167, 262-971-2615,
cls@runzheimer.com.