IRS Changes Mileage Rates

Due to rising gas prices, the IRS is making a mid-year change in the standard mileage reimbursement rates for 2011.  The new rates will go into effect on July 1, 2011 and are as follows:

The standard mileage rate increases to 55.5 cents per mile (up from .51 cents)

The medical mileage rate increases to 23.5 cents per mile (up from .19 cents)

The charitable mileage rate remains the same at .14 cents per mile

If you have questions or need help with your individual tax situation, please don’t hesitate to call one of our team members at 312-9050.