Effective July 1, 2011, the standard mileage rate for reimbursements is going up for six months. So for July through December 2011, inclusive, the rate will be 55.5 cents per mile for business, up from 50.5 for the first six months. The rate for medical / moving expenses is also going up to 23.5 cents per mile, up from 19 cents. Rates for charitable activities remains unchanged at 19 cents per mile, but that rate is set by statute, not the IRS.
So, everyone who keeps a log of miles will need to differentiate between the first six months of 2011 (January through June) and the latter six months (July through December). I’d recommend starting a new log as of July 1, 2011 so there is no confusion.
If you need any assistance in calculating your mileage reimbursement, don’t hesitate to ask.
Cheers!
Tom
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