IRS Increases Mileage Rate to 55.5 Cents per Mile

IRS Increases Mileage Rate to 55.5 Cents per Mile The IRS 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 increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through December 31, 2011.  This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.

For more information, you can call our office at 817-545-1277 or to read the full article on the irs website, visit www.irs.gov.

Mileage Rate Changes

Purpose Rates 1/1 through 6/30/11    Rates 7/1 through 12/31/11 
Business 51 55.5
  Medical/Moving     19 23.5
Charitable 14 14

 

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