IRS Releases Mileage Rates for 2011

Dec. 13, 2010 - PRLog -- In a new revenue procedure, IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 51¢ per mile for business travel after 2010. That's 1¢ more than the 50¢ allowance for business mileage during 2010.

Further, the 2011 rate for using a car to get medical care or in connection with a move that qualifies for the moving expense deduction is 19¢ per mile, 2.5¢ more per mile than the 16.5¢ for 2010.

Strategic Tax Group can provide assistance with businesses and individuals as to what records need to be maintained to claim the mileage allowance.  This is a hot audit item by the IRS, so the rules for recording your mileage must be followed.

Reference:  Rev Proc 2010-51, 2010-51 IRB , Notice 2010-88, 2010-51 IRB , IR 2010-119

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