IRS Announces 2011 Standard Mileage Rates

The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
51 cents per mile for business miles driven
19 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

 

Regards,  

Indera Coggins(R)
Certified Distressed Property Expert
301-481-0787 (cell)
410-423-1753 (fax)
inderac@gmail.com
www.inderacoggins.com 

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Posted by Indera Coggins on 12/04/2010 08:31 PM   Comments (4)  
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4 Comments on IRS Announces 2011 Standard Mileage Rates ... hope you keep good records

DEC
04
2010
644,866 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thanks for the information and update.
8:35pm • #1
279,226 Points 2 Featured Posts Outside Blog Called Shot Master

Thank you Indera. Living in a rural State like North Dakota it's easy to rack up 10,000 miles a year.
8:41pm • #2
143,639 Points Called Shot Master

Bob, I hear ya. I live in rural Southern Maryland and we do rack up those miles. I really look forward to claiming my miles. It really does help.
9:15pm • #3
143,639 Points Called Shot Master

Lori, you are welcome dear. That's what AR is about,,.sharing

I love ActiveRain. So much to learn.

 
9:27pm • #4


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