News from Zimmerman & Associates

Mileage Rate Changes

Beginning January 1, 2011 the IRS increased the optional standard mileage rates for business and medical/moving miles. The business rate has increased to 51 cents per mile. The medical and moving mileage rate has increased to 19 cents per mile from the 16.5 cents per mile. The charitable mileage rate remains at 14 cents per mile. The new rates apply to miles driven for 2011.

The optional business standard mileage rate is commonly used to calculate the deductible costs of operating a business-use automobile, instead of tracking actual costs.

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