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IRS Increases Optional Standard Mileage Rates

June 23, 2011

The Internal Revenue Service June 23 announced an increase in the optional standard mileage rates for the second half of 2011, in recognition of recent gasoline price increases (Announcement 2011-40).

According to IRS, the rate will increase to 55.5 cents a mile for business miles driven from July 1 through Dec. 31. IRS notes that this will be an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

In addition, IRS will increase in the second half of the year the rate for computing deductible medical or moving expenses by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011.

The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

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