IRS standard mileage rate increases to 55.5 cents
The Internal Revenue Service (IRS) today announced an increase in the optional standard mileage rate for the final six months of 2011.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1 through Dec. 31, an increase of 4.5 cents from the first six months. Taxpayers may use the optional standard rate to calculate the deductible costs of operating a vehicle for business or other purposes.
The IRS normally updates the mileage rate once a year, but high gasoline prices have prompted an adjustment this year.
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