Good News Regarding Gas Prices! New IRS Mileage Rates!

There is not much good news these days as it relates to gas prices. In fact with gas prices topping $3.50 per gallon many individuals and businesses have noticed less change floating around in their pockets and have made travel changes accordingly. Unfortunately, unless you own an electric car, gas is a commodity that many cannot do without. Luckily, the good people at the IRS have granted us gas guzzling types some financial relief for certain transportation expenses in the form of increased mileage rates. Effective July 1, 2011, the following mileage changes will take effect:

  • Business mileage will increase from 51 cents per mile to 55.5 cents per mile
  • Medical and moving mileage will increase from 19 cents per mile to 23.5cents per mile

Simply Taxes, LLC is a local year-round tax preparation firm with an office located in North Raleigh. Our Raleigh accountants are ready to assist you with your questions pertaining to this tax topic and others.

The information contained within this article is for general guidance only. As such, it should not be used as a substitute for consulting with professional accounting, tax, legal or other competent advisers.

 

Source: IRS Website, Announcement 2011-40

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