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IRS Increases Mileage-Rate Deduction to Reflect High Gas Prices
Soaring gas prices caused the Internal Revenue Service (IRS) to increase the standard business-mileage deduction by $.045, from $.51 to $.55½ for all business miles driven between July 1 and December 31, 2011. It is unusual for the IRS to make a mid-year adjustment. The mileage calculation also includes all other aspects of buying and operating a vehicle, such as depreciation, insurance, tires, etc. Businesses and individuals who use their car for business have the option of using the standard rate in lieu of keeping records of their actual expenses. The adjusted 2011 standard rate of $.55½ per mile applies to the use of automobiles (including vans, pickups and panel trucks) for business purposes.
For more details, contact Stuart Gosswein at firstname.lastname@example.org.