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Friday, December 17, 2010

Vehicle Mileage Rates

Recently the IRS published the standard mileage rates for use in 2011 in Notice 2010-88.  The standard mileage rates can be optionally used by taxpayers to calculate the deductible costs of operating a vehicle.

Starting January 1, 2011:

Regular rate = .51 per mile

Moving expense rate = .19 per mile

Medical rate = .19 per mile

Charity rate = .14 per mile (miles vehicle used for charitable work)

The 2010 rates:

Regular rate = .50

Moving rate = .165

Charity rate = .14

Medical rate = .165

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