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Business Standard Mileage Rate Increases July First

Posted on June 29, 2011 by Leasa Magnuson in Business Tax

The IRS has done it again! They have created 2 different standard mileage rates for the year. From January 1 through June 30, 2011 the standard mileage rate is 51¢ per mile for business travel and for July 1, through December 31, 2001 it is 55.5¢ per mile. So make sure you know how many miles you drove in each period so you can claim the correct expense.

The standard mileage rate takes the place of actually expensing lease payments (or depreciation), maintenance, repairs, tires, gas, oil, insurance and license & registration fees and is usually used by business owners who have one vehicle for both personal and business use and the business use is less than 50%. Business owners can also use the standard mileage rate to reimburse employees for using their personal vehicles. Owners can use less than the standard rate to reimburse their employees but not more than the rate set by the IRS.

The standard mileage rate for January 1, 2011 to June 30, 2011 is 51¢ per mile for business travel. They also increased the rate for Medical or Moving expenses from 19¢ to 23¢ per mile. Miles driven for charity work remains at 14¢ per mile.

2011 Standard mileage rates

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