Friday, December 10, 2010

IRS Releases Mileage Rates for 2011

The standard mileage rates were recently updated and released by the IRS. The IRS issued the notice of the rates in both Revenue Procedure 2010-51 and Notice 2010-88 for 2011.

The standard mileage rates for 2011 will be:

Business use: 51 cents per mile
Charitable use: 14 cents per mile
Medical care: 19 cents per mile

For automobiles used for business purposes, the portion of the standard mileage rate treated as depreciation will be 22 cents per mile for 2011.

Just as a reminder the rates for 2010 were:

Business use: 50 cents per mile
Charitable use: 14 cents per mile
Medical care: 16.5 cents per mile

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