Friday, December 03, 2010

Standard Mileage Rates CREEPING up

The basic business standard mileage rate is going from $.50 in 2010 to $.51 in 2011. See more below:
The IRS today 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 Jan. 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