An allowance boost for business drivers

People who use their vehicles for business reasons will soon get a reimbursement boost.

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.

(c) Copyright 2000. The Christian Science Publishing Society

of stories this month > Get unlimited stories
You've read  of  free articles. Subscribe to continue.

Unlimited digital access $11/month.

Get unlimited Monitor journalism.