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IRS Increases Mileage Rates

The IRS has announced a mid-year mileage rate increase of 4.5 cents. Due to recent gasoline price increases, the IRS has increased the standard business mileage rates for the final six months of 2011. The rate has increased from 51 cents to 55.5 cents a mile for all business miles driven from July 1 through December 31, 2011. The rate for deductible medical or moving expenses has also been increased from 19 cents to 23.5 cents a mile.

For more information regarding this change please visit:

http://www.irs.gov/newsroom/article/0,,id=240903,00.html

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