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Increased IRS Mileage Rate 55.5 cents/mile effective July 1, 2011

Recognizing increased gasoline prices, the IRS has adjusted certain standard mileage rates effective July 1, 2011 as below:

Business travel: increase to 55.5/mile effective 7/1/11 (for prior period 1/1/11-6/30/11 still need to use 51 cents/mile)

Medical and moving: increase to 23.5 cents/mile effective 7/1/11 (for prior period 1/1/11-6/30/11 still need to use 19 cents/mile)

Charitable organizations: stays at statutory 14 cents/mi

Although businesses typically reimburse using the standard mileage rate above, you can still use either that or the actual expenses for business miles.

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