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Get better tax mileage in ’07

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in Small Business Tax

The IRS has bumped up the standard mileage rate for business travelers in 2007. (IRS revenue procedure 2006-49) For the 2007 tax year, the IRS has raised the write-off to 48.5 cents per mile: four cents more per mile over the 2006 rate. Example: If you travel 10,000 business miles in 2007 and incur $500 in related parking fees and tolls, you can deduct $5,350 (10,000 times 0.485, plus $500). Note: Once you start using the actual-expense method for a vehicle, you generally can’t switch to the standard mileage rate.

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