New Mileage Rate

From FederalTimes.com:

Starting Jan. 1, the optional standard mileage rate used to calculate tax deductions will be 48.5 cents for business miles driven, the IRS announced Nov. 1. The 2006 rate is 44.5 cents per mile.

The General Services Administration, which sets the government mileage rate, typically adopts IRS' rates. A GSA spokesman did not immediately respond to questions, but new rates for federal travel usually take effect Jan. 1.

Nice.