IRS Standard Mileage Rate Increase Goes In Effect On July 1

New Standard Mileage Rate Increases From 51 Cents to 55.5 Cents

In a sign that rising fuel costs are here for at least a while longer, the Internal Revenue Service recently announced new standard mileage rate allowances both for business use of an automobile and for medical and moving expenses. The new optional standard mileage rates will apply to expenses incurred on or after July 1, 2011. The business rate will go up to 55.5 cents per mile.