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June 24, 2011

Increase in Standard Mileage Rate

The Internal Revenue Service allows taxpayers to use the standard mileage rate instead of actual expenses when operating a vehicle for business purposes. The IRS has issued new rates which become effective for travel on or after July 1, 2011.

The business rate will be 55.5 cents per mile which has been increased from 51 cents per mile. The medical and moving rate will be 23.5 cents which has been increased from 19 cents. The charitable rate remains at 14 cents as this rate is set by Congress and can only be change at the discretion of Congrss.