January 11, 2012
In response to higher fuel prices, the IRS has increased the optional standard mileage rates for the last six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all business miles effective July 1, 2011 through Dec. 31, 2011.
This article was originally posted on January 11, 2012 and the information may no longer be current. For questions, please contact GRF CPAs & Advisors at marketing@grfcpa.com.