The Internal Revenue Service announced last week an increase in the optional standard mileage rates for the second half of the year. The new rates go into effect July 1st 2011. The IRS made this special adjustment to recognize the increases in gas prices this year.
New Mileage Rates:
| Purpose | 1/1 to 6/30 | 7/1 to 12/31/2011 |
|---|---|---|
| Business | 51 | 55.5 |
| Medical | 19 | 23.5 |
| Moving | 19 | 23.5 |
| Charitable | 14 | 14 |
