Monday, December 6, 2010

Standard Mileage Rates for 2011

Instead of using the business portion of the actual expenses of operating a vehicle, the IRS permits taxpayers to use a standard mileage rate. IRS has issued new standard mileage rates effective for travel on or after January 1, 2011.

Business mileage rate is 51 cents per mile (up from the 50 cents per mile for 2010); 22 cents per mile is the depreciation component (down from 23 cents per mile for 2010).

Charitable rate is 14 cents per mile and is set by Congress therefore does not change until Congress makes such a change.

Medical and moving rate is 19 (up from the 16.5 cents per mile for 2010).

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