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Standard Mileage Rate to Increase July 1, 2011

In recognition of recent increases in the price of gasoline, the IRS has announced an increase in the optional standard mileage rates for the final six months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year and as increased gas prices are having a major impact on individuals the IRS took this occasion to adjust the standard mileage rates so the reimbursement rate will be more equitable for taxpayers.

The new rates will be 55.5 cents per mile for business miles and 23.5 cents per mile for medical and moving miles.

For additional information on how the new rates will impact your individual or business tax situation, click here to contact us.