On Friday, the IRS published their standard mileage rates for 2011. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical and moving purposes.
The 2011 rates are:
- 51 cents per mile for business miles driven
- 14 cents per mile for charitable purposes
- 19 cents per mile for moving and medical reasons
The business rate is one cent higher than in 2010, the moving and medical rate is up 2.5 cents and the charitable rate remains unchanged.
This rate is effective with mileage incurred on or after January 1, 2011.
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