The Internal Revenue Service has revised standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes. The rate change reflects recent increases in the price of fuel.
The revised rates for the reimbursable amount of these expenses apply to expenses incurred on or after July 1, 2011. Per modified IRS Notice 2010-88, the revised standard mileage rates are as follows:
- Business: 55.5 cents per mile
- Medical and moving: 23.5 per mile
For more information, please see IRS Announcement 2011-40.