| IRS Increases Mileage Rate |
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The Internal Revenue Service (IRS) recently announced an increase in the optional standard mileage rates for the final six months of 2011. This is an increase from 51 cents per mile. According to the IRS, taxpayers may use the optional standard rates to calculate deductible costs of using a vehicle for business and other purposes. "This year's increased gas prices are having a major impact on individual Americans," said Doug Shulman, IRS Commissioner. "The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices. We are taking this step so the reimbursement rate will be fair to taxpayers." More from the IRS. |
Rate increases to 55.5 cents per mile.