September 1, 2011
New Mileage Rates
IRS standard mileage rate allowances increased for the last half of 2011. The IRS has announced that the optional mileage allowance for owned or leased autos increased 4.5 cents from 51 cents to 55.5 cents per mile for business travel from July 1,2011 to December 31, 2011. This rate can also be used by employers to reimburse employees under an accountable plan for employees who suppply their own autos for business use. Be sure to track your mileage for the first six months of 2011 separately from your mileage for the last six months of 2011.
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