An allowance boost for business drivers
People who use their vehicles for business reasons will soon get a reimbursement boost.Skip to next paragraph
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The per-mile allowance for such travel will increase from 32.5 cents to 34.5 cents starting next year, according to Runzheimer International, a Rochester, Wis.-based management-consulting firm. Mileage rates also jump for those who use their cars for medical reasons or to relocate - from 10 cents to 12 cents a mile. US taxpayers who itemize can deduct these amounts on their 2001 tax returns.
Runzheimer credits the increase to the surge in gas prices, modestly higher new-vehicle prices, and greater annual depreciation costs.
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