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The IRS recently released Announcement 2011-40, in which was announced an increase of 4.5¢ per mile for the standard mileage rates for certain classes of vehicle use. This increase is due to the nationwide increase in gasoline prices.
As you may already be aware, so far this year the business mileage rate has been 51¢ per mile. This will remain the same until June 30, 2011, and on July 1, 2011, the rate will increase to 55.5¢ per mile. You’ll have to keep good records (as always) on your mileage in order to properly take advantage of this increase.
The medical and moving mileage rates will also increase by 4.5¢ to 23.5¢ a mile, up from 19¢ for the first six months of 2011. The rate for providing services for charitable organizations is set by statute and remains at 14¢ a mile.
These rates will remain in effect until a future announcement adjusts the rate again.
Sterling Raskie, MSFS, CFP®, ChFC®
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