With April 15th just around the corner, a number of people are preparing their income tax returns and have asked us about the 2007 mileage allowance rate — the reimbursement rates to use for business use of their personal automobile.
The 2007 rate for actual miles driven for business purposes is 48.5 cents.
The 2007 IRS mileage allowance for miles driven for medical purposes and moving purposes is 20 cents.
The IRS 2007 mileage allowance for miles driven in service to a charitable organization is 14 cents.
To calculate your tax deduction, multiply the actual miles you drove for business by 48 1/2 cents and enter that number in your expense ledger or on your tax return. If you drive 100 miles for business, your income tax deduction would be $48.50.
The 2008 IRS mileage allowance is 50.5 or 50 and 1/2 cents per mile. For more information on the 2008 IRS mileage allowance, visit our blogpost.
Technorati Tags:
2007 irs mileage allowance rate, 2007 mileage allowance rate, actual miles, april 15, expense ledger, tax deduction, tax return, income tax return, tax return, reimbursement rates, personal auto, business use of auto, irs mileage allowance, charitable organization, income tax deduction, income tax deduction