"The Internal Revenue Service announced an increase in the optional standard mileage rates
for the final six months of 2011.
...The rate will increase to 55.5 cents a mile for all business miles driven
from July 1, 2011, through December 31, 2011.
This is an increase of 4.5 cents from the 51 cent rate
in effect for the first six months of 2011...
While gasoline is a significant factor in the mileage figure,
other items enter into the calculation of mileage rates,
such as depreciation and insurance and other fixed and variable costs.
...This rate is also used as a benchmark by the federal government and many businesses
to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses
will also increase by 4.5 cents to 23.5 cents a mile,
up from 19 cents for the first six months of 2011.
The rate for providing services for charitable organizations is set by statute,
not the IRS, and remains at 14 cents a mile.
Taxpayers always have the option of calculating the actual costs of using their vehicle
rather than using the standard mileage rates."
Kieth
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