|
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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» News, Self-Employed, Tax/Compliance » IRS Jacks Up Standard Mileage Rate to 55.5 Cents a Mile
IRS Jacks Up Standard Mileage Rate to 55.5 Cents a Mile
| 06/24/2011 | Filled under News, Self-Employed, Tax/Compliance |
|
The IRS has increased the optional standard mileage rates for the final six months of 2011, in response to higher fuel prices. 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. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
The following table summarizes these changes:
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