IRS Increases Mileage Deductible by One Cent
Posted on December 9, 2010
On Friday, December 3, the Internal Revenue Service issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes.
The business standard mileage rate for transportation expenses paid or incurred beginning January 1, 2011, will be 51 cents per mile, up from the 50 cents-per-mile rate in effect during 2010.
In addition, the 2011 standard rate for miles driven for medical or moving purposes will increase to 19 cents per mile, up from the 16.5 cents-per-mile rate in effect during 2010. The standard mileage rate for operating a passenger car for charitable purposes, which is set by law, will stay at 14 cents per mile in 2011.