Volition.com Forums

Save PasswordRegister
Forgot Password / Username?
Home | Search | Chat | FAQ | Posting Rules

 All Forums
 Mystery Shopping, Merchandising & Demo
 Independent Contractor Taxes
 IRS Increases Business Mileage Rate
 Reply to Topic
 Printer Friendly

Author Previous Topic Topic Next Topic  


Cordova, TN
32 Posts

Posted - 06/24/2011 :  7:38:01 PM  Reply  Reply with Quote
There was an announcement yesterday about the business mileage rate:

IRS Increases Mileage Rate to 55.5 Cents per Mile

IR-2011-69, June 23, 2011

WASHINGTON The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

KentB, Merchandiser and Senior Tax Pro


Hanover, MA
3 Posts

Posted - 06/25/2011 :  04:29:29 AM  Reply  Reply with Quote
That helps a bit :)

Chrissy O
Go to Top of Page
  Previous Topic Topic Next Topic  

Get Active!

Have you posted something helpful today?

 Reply to Topic
 Printer Friendly
Jump To:
Volition Copyright All rights reserved. Volition is a registered trademark of Volition.com LLC. Go To Top Of Page
This page was generated in 0.04 seconds. Software © Snitz Forums