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June 27, 2011

IRS Increases Standard Mileage Rate Effective July 1, 2011

Filed under: General HR Buzz7:00 am

The Internal Revenue Service June 23 announced an increase in the optional standard mileage rates for the second half of 2011, in recognition of recent gasoline price increases (Announcement 2011-40).

The rate will increase to 55.5 cents per mile for business miles driven from July 1 through December 31, 2011.  This is an increase of 4.5 cents from the current 51 cent rate in effect. 

In addition, IRS will increase in the second half of the year the rate for computing deductible medical or moving expenses by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011.

Announcement 2011-40 is available at http://op.bna.com/der.nsf/r?Open=palo-8j4jyh.

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