IRS Mileage Reimbursement Rate Change

For those of you that use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes, the Internal Revenue Service recently announced an increase in the optional standard mileage rates for the final six months of 2011. The rate is 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

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