A previous update noted that the business mileage rate will soon increase to 55.5 cents per mile. The IRS also increased the medical and moving purpose optional standard mileage rate. Beginning 7/1/11, the mileage rate for medical and moving purposes increases 4.5 cents to 23.5 cents per mile. The mileage rate for charitable contributions did not change from 14 cents per mile.
/posted by Wayne Sturgeon, CPA
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