2011 IRS Standard Mileage Rates Released
Business Travelers See a Penny Increase
2011 Standard Mileage Rate for Business Travel
The new standard mileage rate for 2011 business travel will be 51 cents per mile, up from 50 cents per mile in 2010. This small increase may be too little to stave off the increasing cost of a gallon of gasoline at the pump. Gas prices had gone down over the summer months, only to see a steady increase in the average price for gallon of gas since September, according to Daily Fuel Gauge Report. Since September, the average has jumped up approximately 20 cents per gallon.
Standard Mileage Rate for 2011 As It Relates to Medical
January will see an increase in the IRS' standard mileage rate for medical expense calculation. Beginning on January 1, the rate will climb from 16.5 cents per mile in 2010 to 19 cents per mile, an increase of 2.5 cents per mile. This means a 50-mile round trip to the doctor will mean an extra $1.25 in your pocket if you are able to claim mileage via a Flexible Spending Account.
2011 Standard Mileage Rate for Moving
Mileage claimed as part of moving expenses will be calculated at the 19-cent per mile rate in 2011, up from 16.5 cents in 2010. According to SmartMoney.com, you will need to pass two tests in order to be eligible to claim moving expenses. Your new job must be located greater than 50 miles from your old home and you will need to be employed full-time for 39 weeks in the 12 months after your move.
There has been no change to the standard mileage rate for mileage driven for charitable organizations. This rate is set by Congress and has not been modified.
Sources:
http://www.irs.gov/newsroom/article/0,,id=232017,00.html
http://www.irs.gov/newsroom/article/0,,id=216048,00.html
http://www.smartmoney.com/personal-finance/taxes/writing-off-moving-expenses-9565/
http://fuelgaugereport.aaa.com/?redirectto=http://fuelgaugereport.opisnet.com/index.asp
Published by Carly Hart
One of AC's Top 1000 Content Producers, Carly Hart's interests include news, politics, parenting, frugal living and consumer related issues. A Featured Contributor in the Shopping and Fashion category, she... View profile
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19 Comments
Post a CommentMatt, they usually update this yearly. However, back in 2009, they did revise the rate effective July because of the high cost of gas. There's no guarantee that they'll adjust the rate due to the astronomical cost of gas currently though.
how often does the IRS revise the mileage rate?
Gas is out of sight and the IRS???? has not increased rate to 2009 which was $.55
Good to know.
Thanks for the update.
Thanks so much for this information, Carly. I've been searching for information on mileage rates.
Sophie
Good info. re-posted to Facebook. Thanks. I am new to AC. I would appreciate any feed back that you may have time to give.
Good info. re-posted to Facebook. Thanks. I am new to AC. I would appreciate any feed back that you may have time to give.
Good info. re-posted to Facebook. Thanks. I am new to AC. I would appreciate any feed back that you may have time to give.
Good info. re-posted to Facebook. Thanks. I am new to AC. I would appreciate any feed back that you may have time to give.