New Mileage Rates for 2011
Due to outrageous gas prices, the IRS will increase mileage rates for the second half of 2011. What does this mean for you? If you are reimbursed for your mileage or claim your mileage on your tax return, you will have to distinguish the miles traveled in the first half of the year from the miles traveled in the second half of the year. For those that log their mileage on a daily or weekly basis, this may not be an issue. For those that do not frequently log their travel, take note that your employer or accountant will be asking you to determine in which part of the year the mileage occurred.
01/01/2011 – 06/30/2011 RATES
- Business Mileage: 51 cents per mile
- Medical/Moving Mileage: 19 cents per mile
- Charitable Mileage: 14 cents per mile
07/01/2011 – 12/31/2011 RATES
- Business Mileage: 55.5 cents per mile
- Medical/Moving Mileage: 23.5 cents per mile
- Charitable Mileage: 14 cents per mile
