IRS Increases Standard Mileage Rate

The Internal Revenue Service increased the optional standard mileage rates, effective July 1. The business mileage rate increased from 51 cents to 55.5 cents per mile. The medical/moving mileage rate increased from 19 cents to 23.5 cents per mile. The charity mileage rate remains unchanged at 14 cents per mile. These rates will be effective through December 31, 2011.

For the full article, go to http://www.irs.gov/newsroom/article/0,,id=240903,00.html.