Due to the gas price increase this year, the IRS drives up the standard mileage rates for the last six months of 2011. The following are the revised rates effective 07/01/11:
- Business vehicle usage – 55.5 cents per mile, an increase of 4.5 cents per mile.
- Medical & moving vehicle usage – 23.5 cents per mile, an increase of 4.5 cents per mile.
- Charity vehicle usage remained at 14 cents per mile.
Like any good CPA, I need to add a disclaimer: unfortunately, it is impossible to offer comprehensive tax info over the internet, no matter how well researched or written. And remember, I love my readers but having me bookmarked on your computer doesn’t make you a client: before relying on any information given on this site, contact a tax professional to discuss your particular situation.