2011 IRS Mileage Rate Gets 4.5¢ Bump in July

In 2010, the 2011 IRS mileage rate for business mileage was set at 51 cents. Then, on June 23, 2011, the IRS announced that the federal mileage reimbursement rate would change to 55.5 cents for all business mileage driven from 7/1/11 through 12/31/11.

The IRS hasn't made a mid-year change since 2005, when gas prices shot up following Hurricane Katrina. That mileage rate change spanned only a 4 month period.

Likewise, the standard mileage rates for 2011 medical and moving expenses also went up mid-year from 19 cents to 23.5 cents. The charitable mileage rate remains at 14 cents; find out why at:

http://www.irs.gov/newsroom/article/0,,id=240903,00.html
    

The IRS Business Mileage Rate for 2010 was 50 cents. The standard rate for 2009 was 55 cents, a full 5 cents higher. According to the IRS, the reduced 2010 rate reflects generally lower transportation costs compared to 2009.

The business mileage reimbursement rate is used to calculate the deductible costs of operating a car (also vans, panel or pickup trucks) for business. The IRS releases a new federal mileage rate at least once a year; they use an independent contractor to determine a standard mileage rate based on costs associated with operating a vehicle. The standard mileage allowance is provided as an option for deducting costs associated with vehicle operation. Visit www.irs.gov for more details on rules surrounding the IRS mileage rate.

2012 Mileage Rate Information

New Expense Report Form Handles Mileage Reimbursement with Ease

  

Note: Form is Temporarily Unavailable

 

Now that you have the current IRS mileage reimbursement rate, learn about a new style of expense report that will cut your preparation and processing time in half.

  

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Note: Form is Temporarily Unavailable