Home > Tax News & Info > IRS Increases Business Mileage Rate

IRS Increases Business Mileage Rate

On June 23, the IRS announced an increase on the standard mileage rate for miles used for business purposes.  The IRS already announced an increase at the beginning of 2011 to 51 cents per mile, from the 50 cent allowance in 2010.  However the IRS believes that the spike in gas prices has so adversely affected taxpayers that an additional increase is necessary to maintain fairness.  Therefore, starting July 1st through the end of 2011 the business mileage rate is 55.5 cents per mile.  Taxpayers should make sure to keep close track of the dates of their recorded miles for accurate tax reporting.  As usual, taxpayers still have the option of using actual costs instead of using the standard mileage rates if desired.

For more information go to: http://content.govdelivery.com/bulletins/gd/USIRS-96907

Comments ( 0 )
  1. No comments yet.
Comments are currently closed.
Trackbacks & Pingbacks ( 0 )
  1. No trackbacks yet.
  2. Trackbacks are currently closed.