New Standard Mileage Rates

Posted on July 6, 2011

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IRS drives up the standard mileage allowance for business vehicle usage.
The rate will be 55.5¢ a mile for the final six months of 2011, a 4.5¢ hike.
IRS raised the rate due to the gas price spike earlier this year, even though prices
are falling now. The mileage rate for 2012 will be officially announced in the fall.
The mileage rate for medical and moving expenses also increases by 4.5¢
to 23.5¢ a mile. But the rate used when driving for charity stays at 14¢ per mile.

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