IRS Increases Mileage Rates

Due to increased gas prices, the IRS will be adjusting the standard mileage reimbursement rates for the second half of 2011.

Effective July 1, 2011, business miles driven from July 1, 2011 through December 31, 2011 will increase to 55.5 cents from the 51 cent rate in effect for the first six months of 2011. Likewise, the new six month rate for computing deductible medical or moving expenses will increase to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations, set by statute and not the IRS, will remain at 14 cents a mile.