Wednesday, December 8, 2010

USA: IRS Issued 2011 Optional Standard Mileage Rate

Effective January 1st 2011, the optional standard mileage rates use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes are the following:

  • 51 cents per mile for business miles driven
  • 19 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Click the link to learn more about Revenue Procedure 2010-51 which explains more details regarding Standard Mileage Rates.

To read the complete announcement, go to IRS Issued Mileage Rates for 2011.

It would be ideal for anyone who is involved in the reimbursement of mileage to update their records and Forms so that it will reflect the current rates when such request will take place in 2011.

When in doubt with the correct calculations in relation to your current situations or circumstances, please contact an experienced professional to assist you. 

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