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IRS Raises Standard Mileage Rate for Second Half of 2011 - Emil Estafanous, CPA : Emil Estafanous, CPA

IRS Raises Standard Mileage Rate for Second Half of 2011

In response to rising gasoline prices, a IRS has lifted a customary mileage rate for business use of an vehicle from 51 cents per mile to 55½ per mile, effective Jul 1 (Announcement 2011-40). The medical and relocating customary mileage rate is augmenting to 23½ per mile, also on Jul 1.

The new discretionary customary mileage rates will request until superseded by destiny superintendence and can be used by taxpayers to calculate a deductible costs of handling an automobile. Alternatively, taxpayers can instead use their tangible costs, though contingency say adequate annals and be means to justify their expenses.

The customary mileage rate for services to free organizations is set by government during 14 cents per mile and stays unvaried by Thursday’s announcement.

The former rates announced in Notice 2010-88 (51 cents per mile for business use, 19 cents per mile for medical and relocating expenses) continue to request to losses incurred before Jul 1, 2011.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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