IRS Raising Standard Mileage Rates

Jun 28, 2011

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Employers should start using the new rates for reimbursement on July 1, 2011. Any miles accumulated in the first half of 2011 should still be computed at the old rate of 51 cents per mile.

The mileage deduction rates for miles driven for medical and moving purposes are also being increased from 19 to 23.5 cents per mile. The current deduction rate for miles driven for charitable purposes remains at 14-cents-per-mile.

Unless the IRS extends the changes, rates will return to the pre-July standards on January 1, 2012.

 

Photo courtesy of J Rosenfeld and re-used under the Creative Commons license.