IRS Allows a Greater Deduction for Mileage

09/08/2011

IRS Allows a Greater Deduction for Mileage
The IRS is allowing a greater deduction for millage (see, Announcement 2011-40.) The business standard mileage rate is going up to 55.5 cents a mile effective July 1, 2011 through December 31, 2011. The rate was increased by 4.5 cents a mile. The medical and moving mileage rates were upped to 23.5 cents a mile (a 4.5 cent increase.) The rate for charitable services stays at 14 cents a mile.