IRS increases Optional Standard Mileage Rates Effective July 1, 2011
On June 23, 2011, the Internal Revenue Service announced an increase in the optional standard mileage rates for the period July 1, 2011 to December 31, 2011.
The changes are due to higher gasoline prices in recent months. The IRS usually adjusts standard mileage rates once a year in the fall for the next calendar year.
Mileage Rate Changes (cents per mile, currency is USD)
|
Purpose |
Rates 1/1/2011 through 6/30/2011 |
Rates 7/1/2011 through 12/31/2011 |
|
Business |
51 |
55.5 |
|
Medical/Moving |
19 |
23.5 |
|
Charitable |
14 |
14 |
The new rates were announced in IRS Announcement 2011-40 as well as in IR-2011-69.
This post applies to taxpayers and others who are subject to the Internal Revenue Code in the United States of America. The mileage rates in this post are **NOT** applicable for Canadian tax purposes.
This article is intended to inform readers of developments as of June 23, 2011, and is neither a definitive analysis of the law nor a substitute for professional advice. Readers should discuss with the Internal Revenue Service, appropriate professional tax advisors, financial advisors and/or other advisors regarding how the information may apply to their specific situations. E&OE.
IRS increases Optional Standard Mileage Rates Effective July 1, 2011
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