Friday, June 24, 2011
Mileage Rate Increases July 1 - IRS
The IRS has just announced an increase in the mileage rate for workers that are not reimbursed by their employers. The new rates are as follows:
- 55.5 cents per mile for workers who use their car for business (not misremembered) on their tax returns. This is an increase from 51 cents prior to July 1, 2011
- 23.5 cents for people who use cars for medical or moving purposes on their tax returns- up from 19 cents earlier in the year
- 14 cents for motorists who use their cars for charity work on their tax returns - no change
According to the IRS, the changes, which normally take place in the fall, were in reaction to the high fuel prices this year.
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Posted by Dustin Ruge at 10:36 AM