IRS Increases Mileage Rate to 55.5 Cents per Mile

The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. As a result the rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011 and will be 51 cent for the first six months of 2011.

Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

IRS announces 2010 standard mileage rates

Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
50 cents per mile for business miles driven
16.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
Source: www.irs.gov

2009 Standard Mileage Rates

Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
55 cents per mile for business miles driven
24 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

Source:IR-2008-131, Nov. 24, 2008

2008 Auto Mileage Rate-

This is sent for informational purposes only- and may be helpful in tax planning for the year.
Effective July 1, 2008, the standard mileage rate deductible forbusiness purposes increases to 58.5 per mile. It was 50.5 cents per mile for Jan 1st 2008 thru June 30th 2008. It is advisable to keep written records that can prove the business purpose for miles claimed as this could mean a significant mileage deduction for the year.