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IRS ups the mileage rate

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in Small Business Tax,Small Business Tax Deduction Strategies

The IRS bowed to public pressure and increased the standard mileage rate for business drivers midway through the year, as it did in 2008 when gas prices soared.

The rate of 51 cents per mile (plus tolls and parking fees) jumped to 55.5 cents per mile effective July 1 and for the rest of the year. (IRS Announcement 2011-40)

Also, the standard mileage rate for medical and job-related moving expenses goes from 19 to 23.5 cents per mile for the last six months of 2011.

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