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 IRS Increases Business Mileage Rate
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KentB
Member

Cordova, TN
USA
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


ChrissyO
Apprentice

Hanover, MA
USA
3 Posts

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

Chrissy O
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