Standard Mileage Rate Increases!

The standard mileage rate used for business mileage has been increased for last half of 2011.

IRS has announced that the standard mileage rate will increase to 55.5¢ per mile (an increase of 4.5¢ per mile) for business travel from July 1, 2011 to Dec. 31, 2011. 

The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense will also increase 4.5¢ for the last half of 2011 from 19¢ to 23.5¢ per mile.

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