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IRS raises gas mileage deduction starting July 1

Posted: June 24, 2011 1:55 a.m.
Updated: June 24, 2011 1:55 a.m.
 

The Internal Revenue Service increased the optional standard mileage rates for the final six months of 2011. Taxpayers use the rates to calculate the deductible costs of operating a vehicle for business and other purposes.

Effective July 1, the business miles driven rate will rise from 51 cents to 55.5 cents a mile. The new six-month rate will also change for deductible medical or moving expenses, going up to 23.5 cents per mile from 19 cents. Services for charitable organizations remains fixed.

Mileage adjustments are normally set annually but the IRS made the mid-year adjustment to reflect gasoline price increases.

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