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Due to this year's increased gas prices, the IRS has adjusted the optional standard mileage rates for the final six months of 2011.
The rate will increase from the 51 cent rate in effect for the first six months of 2011, to 55.5 cents a mile for all business miles driven from July 1, 2011, through December 31, 2011. This is an increase of 4.5 cents per mile to better reflect the recent increase in gas prices.
The optional business standard mileage rate is used to compute the deductible cost of operating a vehicle for business use in lieu of tracking actual costs which also remains an option.
Deductible medical or moving expenses will also increase 4.5 cents from 19 cents a mile to 23.5 cents a mile for the last six months of 2011.
The rate for providing services for charitable organizations is not set by the IRS and remains at 14 cents a mile.
| Mileage Rate Changes |
| Purpose |
|
Rates 1/1 - 6/30 |
|
Rates 7/1 - 12/31 |
| - Business |
|
51 cents |
|
55.5 cents |
| - Medical/Moving |
|
19 cents |
|
23.5 cents |
| - Charitable |
|
14 cents |
|
14 cents |
For additional information, please contact a Carbis Walker Team Member at 800.452.3003.
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Carbis Walker Construction Industry Leaders & Experts from Around the Region Offer Contractors Up-to-the-Minute Information on November 10, 2011
Manufacturing Accounting Principles Seminar - May 25, 2011
Charles M. Mallick, CPA, has been elected to the Partnership of Carbis Walker LLP, Certified Public Accountants & Consultants.
