Accounting News

Friday, June 24, 2011
IRS Ups Mileage Rate

The cost of gas rose in 2011 and the IRS has noticed. Businesses may now use $0.555 per mile as the standard mileage rate for July 1st through December 31st this year. This represents a $0.045 increase from the first six months of the year. Companies and taxpayers may also actual cost on their returns. The rate for moving increased to $0.235 from $0.19 for the same period. This increase does not apply to vehicle expenses deductions for charitable donations. [IRS announcement]

Labels: ,