WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
“This year’s increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices,” said IRS Commissioner Doug Shulman. “We are taking this step so the reimbursement rate will be fair to taxpayers.”
While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
The new rates are contained in Announcement 2011-40 on the optional standard mileage rates.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Mileage Rate Changes
|
Purpose |
Rates 1/1 through 6/30/11 |
Rates 7/1 through 12/31/11 |
|
Business |
51 |
55.5 |
|
Medical/Moving |
19 |
23.5 |
|
Charitable |
14 |
14 |
Really nice weblog you have here, keep up the great function, enjoy studying your thoughts and would like to adhere to a person for a long period, never thought I would look for a excellent site such as this one, numerous sites are extremely bad that you simple just waste your time studying all of them!
how many calories in a grapefruit, Wonderful post however I was wanting to know if you could write a litte more on this subject? I’d be very thankful if you could elaborate a little bit further. Kudos!
Nice read, I just passed this onto a colleague who was doing a little research on that. And he just bought me lunch since I found it for him smile So let me rephrase that: Thanks for lunch!
I’m often writing a blog and i really appreciate your articles. This content has truly raised my interest. I’m going to bookmark your web blog and keep returning for new information.
I appreciate the content that you have uploaded, I will stay in touch because I know I will always find this post very handy.
Thank you, I’ve recently been searching for information about this topic for ages and yours is the greatest I have discovered so far. But, what about the conclusion? Are you sure about the source?
I found your weblog website on google and test a couple of of your early posts. Continue to keep up the superb operate. I simply additional up your RSS feed to my MSN Information Reader. Looking for ahead to reading more from you afterward!…
Thanks a bunch for sharing this with all of us you actually realize what you are speaking approximately! Bookmarked. Kindly also consult with my website =). We could have a hyperlink trade agreement between us
I was suggested this blog by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my problem. You’re wonderful! Thanks!
hi Rich, I’m 18 years old and I’m Indonesian. i’m so sorry if my english isn’t too good. but i will really appreciate it if you answered my questions, because I REALLY NEED HELP
I would like to thnkx for the efforts you have put in writing this website. I am hoping the same high-grade site post from you in the upcoming as well. Actually your creative writing skills has inspired me to get my own blog now. Actually the blogging is spreading its wings quickly. Your write up is a great example of it.
Admiring the commitment you put into your website and in depth information you offer. It’s great to come across a blog every once in a while that isn’t the same out of date rehashed information. Great read! I’ve saved your site and I’m adding your RSS feeds to my Google account.
This is great, thanks a lot!
I don’t leave many responses, but after looking at through some of the comments here 2011 standard mileage rates increase | ValueExecs. I do have 2 questions for you if you tend not to mind. Is it only me or does it look like a few of the responses come across as if they are left by brain dead folks? 😛 And, if you are posting at additional online social sites, I’d like to follow you. Would you post a list of the complete urls of all your shared pages like your twitter feed, Facebook page or linkedin profile?
Pretty good article. I just came across your blog and wanted to say that I have really enjoyed reading your opinions. Any way I’ll be coming back and I hope you post again soon.
great blog…
I just couldn’t depart your internet site prior to suggesting that I incredibly enjoyed the standard details an individual supply for your visitors? Is gonna be back often as a way to inspect new posts…
Superb website……
[…]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[…]…
“I’ve gone ahead and bookmarked http://www.valueexecs.com/2011-standard-mileage-rates-increase/ at Digg.com so my friends can see it too. I simply used 2011 standard mileage rates increase | ValueExecs as the entry title in my Digg.com bookmark, as I figured if it is good enough for you to title your blog post that, then you probably would like to see it bookmarked the same way.“
Hi there, You’ve done an excellent job. I will definitely digg it and personally suggest to my friends. I’m sure they’ll be benefited from this web site.
I just couldnt leave your website before letting you know that I really enjoyed the useful information you offer to your visitors… Will be back soon to check up on new stuff you post!
I think this is among the most significant information for me. And i’m glad reading your article. But want to remark on some general things, The web site style is great, the articles is really great : D. Good job, cheers
Hello your blogs are very good. It help for my business. Thanks for putting this.
wow this would seem truly cool! do you mind if i share this?
My partner and i quite like everything you submit here. Very unusual and also brilliant. 1 problem though. I’m running Opera together with Debian and also pieces of one’s up-to-date web design parts certainly are a tiny wonky. My partner and i notice it’s not just a typical create. Yet it’s an issue to be able to keep in mind. My partner and i hope which it will aid and also continue to keep up the major top quality creating.
Would you be all in favour of exchanging hyperlinks?
I found your blog website on google and test a number of of your early posts. Continue to maintain up the superb operate. I simply further up your RSS feed to my MSN News Reader. Looking for ahead to studying extra from you afterward!?
After I originally left a comment I appear to have clicked the -Notify me when new comments are added- checkbox and from now on whenever a comment is added I recieve 4 emails with the exact same comment. There has to be an easy method you are able to remove me from that service? Kudos!
Beatiful site! Where did you get that awesome layout?
this article gives the light in which we can observe the reality. this is particularly a nice one and gives in-depth information. thanks for this nice article.http://www.magiccampusbrasil.net
Thank you a tremendous put up, would see your personal others posts. i appreciate your ideas with this, I soon became a lttle bit strike by this article. Merit again! You earn a great moment. Has wonderful data here. I think that in case more people considered it like this, they’d have got a better time frame have the suspend ofing the issue.
There is noticeably a bundle to know about this. I assume you made certain nice points in features also.
Many thanks for an unbelievable publish, will study your particular others posts. i appreciate your ideas with this, I felt a lttle bit thump by this post. Thanks again again! You wanna make a terrific point. Displays the beauty through wonderful report here. I believe if more individuals thought about it doing this, they’d have a very better time receive the hang ofing the situation.
This can be a right blog if you wants to check out this particular matter. You recognize a great deal their virtually challenging to fight together with you (not that I just would certainly want?-HaHa). You actually put a fresh spin and rewrite over a subject thats been written about for many years. Great stuff, just fantastic!
Truly fascinating blog. This was a extremely riveting blog. I will drop by again very soon.
It is really a great and useful piece of info. I’m glad that you shared this useful info with us. Please keep us informed like this. Thank you for sharing.
Some really superb blog posts on this internet site, appreciate it for contribution. “The spirit is the true self.” by Marcus Tullius Cicero.
Thanks for a tremendous submit, would study your others content. thank you your ideas within this, I experienced a trifle struck by this text. Thanks again! You make a good aspect. Portrays natures best by the excellent data here. I feel that in case a greater number of people thought of it like that, they’d have a very better time have the hold ofing the situation.
Thank you an incredible publish, can examine your personal others posts. many thanks for your ideas for this, I felt a lttle bit made an impact to by this short article. Merit again! You make a good time. Has excellent facts here. I believe that in case a greater number thought of it that way, they’d have got a better moment in time get the grasp ofing the difficulty.
There’s definately a great deal to learn about this issue. I love all the points you have made.
This really is a great written piece! Ive truly bookmarked it and posted it out to almost all of my buddies simply because I know they are curious, thank you very much!
Thank you an amazing post, can read your particular others content. thanks for your thoughts within this, I felt a bit struck by this text. Many thanks again! You wanna make a good point. Has wonderful data here. I believe that in case a greater number thought about it like that, they’d possess a better time obtain the hang ofing the situation.
I seldom comment, however i did a few searching and wound up here this blog name. And I do have 2 questions for you if you tend not to mind. Could it be just me or does it look as if like a few of these remarks come across like they are left by brain dead visitors? 😛 And, if you are posting on additional social sites, I’d like to keep up with anything new you have to post. Could you list of the complete urls of your social pages like your Facebook page, twitter feed, or linkedin profile?
Oh my goodness. an incredible document dude. Thanks However I’m experiencing issue with ur rss.. Why Unable to sign up to it don’t know. Is there anybody getting equivalent rss trouble? Anyone who knows please respond. Thnkx
I’d personally have to talk with people here. That is not necessarily anything When i typically perform! I really like reading a content that’ll get individuals to imagine. In addition, appreciate it regarding enabling myself to help review!
What i do not understood is in fact how you are not actually much more neatly -favored than you might be now. You are very intelligent. You already know thus considerably in the case of this matter, made me personally imagine it from a lot of numerous angles. Its like women and men don’t seem to be involved until it is something to do with Girl gaga! Your personal stuffs excellent. At all times maintain it up!
When now every time a remark is added I get four emails with the same comment and I actually said I clicked the -Notify me when new responses are added- checkbox. Is there any way I can be removed by you from that service? Thanks!
When I initially said I clicked the -Notify me when new comments are added- checkbox and now whenever a comment is added I get four messages with the same comment. Is there any way you can remove me from that service? Thanks!
Nice…
Nice post. I was checking constantly this blog and I am impressed! Very helpful information specifically the last part 🙂 I care for such information much. I was seeking this certain information for a long time. Thank you and good luck….
I like this site it’s a master piece! Glad I found this on google.
You could definitely see your skills within the work you write. The arena hopes for more passionate writers like you who aren’t afraid to say how they believe. All the time follow your heart. “The most profound joy has more of gravity than of gaiety in it.” by Michel de Montaigne.