Standard Business Mileage Rates – 2011

By: Chris Coldiron, CPA, Tax Manager |  email

To help offset the bite of rising gas prices, the IRS announced on June 23rd that the standard business mileage rate will increase for the second half of 2011 (beginning July 1st) to 55.5 cents per mile, up from 51 cents per mile for the first half of 2011.  The mileage rate used in computing deductible moving expenses and medical transportation costs also increased by 4.5 cents per mile to 23.5 cents per mile with the same effective date.  The rate used to compute mileage for charitable driving did not change and remains at 14 cents per mile for all of 2011.