The IRS released on Friday, December 3rd, the standard mileage rates for 2011. The optional standard mileage rate can be used by taxpayers to calculate the deductible costs of operating an automobile, in lieu of the actual cost method.
The new rates are: Business use – 51 cents/mile; medical or moving expenses – 19 cents/mile; services to charitable organizations – 14 cents/mile. For tax year 2010, the rates were 50 cents, 16.5 cents and 14 cents respectively.
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