IRS Released Standard Mileage Rates

Optional standard mileage rates used to calculate the deductable costs of operating an automobile for business, charitable, medical or moving purposes.

The standard mileage rates effective July 1, 2011 for the use of a car (also vans, pick-ups or panel trucks) will be:

- 55.5 cents / mile for business miles driven

- 23.5 cents / mile driven for medical or moving purposes

- 14 cents / mile driven in service of charitable organizations

*A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.  In addition, the business standard mileage rate cannot be used for any vehicles used simultaneously.

You may also find additional information regarding standard mileage rates on IRS.gov
[Source: IRS.gov Newswire release June 23, 2011]