2011 Mileage Rates Released

Despite the fact that many predict that the cost of gas will inch up to $4 per gallon by the holidays, the standard mileage rates for 2011 are just slightly different than those for 2010. The IRS has announced the standard mileage rates for 2011 as follows:

• 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

Rates are adjusted by the IRS each year to account for increasing (or in some cases, decreasing) costs of operating a car, truck or van for various purposes. The one exception is the lower rate for miles for charitable purposes: that rate is fixed by Congress and hasn’t been adjusted since 1998.

Kelly Phillips Erb

Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains tax news, IRS updates, scams, financial crime, and money in plain English.

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