Tuesday, November 07, 2006
Mileage Reimbursement Rate Set to Increase
The IRS announced November 6, 2006 that the approved mileage reimbursement rate for the business use of a personal vehicle will increase January 1, 2007 to 48.5 cents per mile.
This is the reimbursement rate guideline that most nanny employers utilize to determine the mileage reimbursement for a nanny who uses her personal vehicle to transport the children and run errands.
The recent historical values are:
This is the reimbursement rate guideline that most nanny employers utilize to determine the mileage reimbursement for a nanny who uses her personal vehicle to transport the children and run errands.
The recent historical values are:
- January - December 2006 44.5 cents/mile
- September - December 2006 48.5 cents/mile
- January - August 2005 40.5 cents/mile
