IRS Announces Increase in Standard Mileage Rates Effective July 1st
The Internal Revenue Service (IRS) has announced an increase in the optional standard mileage rates for the final six months of 2011, in recognition of recent increases in gasoline prices. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining employee reimbursement.
Revised Standard Mileage Rates
•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.
•The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011.
•The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
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The Internal Revenue Service (IRS) has announced an increase in the optional standard mileage rates for the final six months of 2011, in recognition of recent increases in gasoline prices. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining employee reimbursement.
Revised Standard Mileage Rates
•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.
•The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011.
•The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
Always Looking to Acquire Houses | Always Looking to Amaze Investors