IRS Increases Standard Mileage Rate Effective July 1, 2011
by Victoria Majors Jones, CPA on 06/25/11
Because of rising gasoline prices the IRS has increased the standard mileage rate for business use of an automobile from 51 cents per mile to 55½ per mile, effective July 1 (Announcement 2011-40). The medical and moving standard mileage rate is also increasing to 23½ per mile on July 1.
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