The IRS has increased the optional standard mileage rates for the final six months of 2011. Although the mileage rates are normally updated once a year, in recognition of recent gasoline price increases the IRS has decided to increase the medical, moving, and business mileage rates by 4.5 cents. From July 1st 2011 through December 31st 2011 the standard mileage rates will be:
Business Mileage Rate
The standard mileage rate for business mileage will be 55.5 cent per mile
Medical or Moving Mileage Rate
The standard mileage rate for miles driven for medical or moving purposes will be 23.5 cents per mile
Charitable Mileage Rate
The standard mileage rate for miles driven in service of charitable organizations will be the same as the first half of 2011, at 14 cents per mile