The Internal Revenue Service (IRS) has increased the optional standard mileage rates for 2011. These optional rates can be used to calculate deductible costs of operating an automobile for either business or other uses instead of reporting actual travel-related costs. Charitable mileage rates remain at the current 14 cents a mile in 2011. The table below summarizes the increases for this year.
|IRS Standard Mileage Rates in 2011|
|Jan 1 – June 30||July 1 – Dec 31|
|Business||51 cents||55.5 cents|
|Medical/Moving||19 cents||23.5 cents|
|Charitable||14 cents||14 cents|
From the IRS Newsroom IR-2011-69, June 23, 2011