IRS Announces 2011 Standard Mileage Rates

In their newest press release the IRS issued the 2011 standard mileage rates. These numbers are used to calculate deductions for an automobile that is used for either business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

51 cents per mile for business miles driven

19 cents per mile driven for medical or moving purposes

14 cents per mile driven in service of charitable organizations

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.