IRS Announces Mileage Rate For 2011
The Internal Revenue Service has issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Beginning on January 1, 2011, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:
- 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.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. Revenue Procedure 2010-51 contains additional details regarding the standard mileage rates.