The IRS has just released its’ adjusted mileage rates for the second half of tax year 2011. These rates will be in effect for all clients returns this coming January. Be aware, taxpayers always have the option of calculating and using actual expenses for their vehicle, but typically the mileage rates offer taxpayers the most benefit.
| Purpose | Rates 1/1 – 6/30/11 |
Rates 7/1 – 12/31/11 |
|---|---|---|
| Business | $0.51 | $0.555 |
| Medical/Moving | $0.19 | $0.235 |
| Charitable | $0.14 | $0.14 |
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