The IRS has updated the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel.
The revised standard mileage rates are 55.5 cents per mile for business use of an automobile and 23.5 cents for use of an automobile as a medical or moving expense. The mileage rate for use of an automobile as a charitable contribution is fixed by statute and remains 14 cents. The revised standard mileage rates apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2011, and to mileage allowances that are paid both (1) to an employee on or after July 1, 2011, and (2) for transportation expenses an employee pays or incurs on or after July 1, 2011.
IR-2011-69,
2011FED ¶46,404
Announcement 2011-40, 2011FED ¶46,405
Other References:
Code Sec. 61
CCH Reference – 2011FED ¶1090.11
CCH Reference – 2011FED ¶1201.24
CCH Reference – 2011FED ¶5907.0325
Code Sec. 62
CCH Reference – 2011FED ¶6006.0324
Code Sec. 162
CCH Reference – 2011FED ¶8590.021
CCH Reference – 2011FED ¶8590.55
Code Sec. 170
CCH Reference – 2011FED ¶11,620.029
CCH Reference – 2011FED ¶11,620.6744
Code Sec. 213
CCH Reference – 2011FED ¶12,543.82
Code Sec. 217
CCH Reference – 2011FED ¶12,623.021
CCH Reference – 2011FED ¶12,623.11
Code Sec. 274
CCH Reference – 2010FED ¶14,417.043
CCH Reference – 2011FED ¶14,417.045
CCH Reference – 2011FED ¶14,417.046
CCH Reference – 2011FED ¶14,417.047
CCH Reference – 2011FED ¶14,417.048
CCH Reference – 2011FED ¶14,417.05
CCH Reference – 2011FED ¶14,417.051
CCH Reference – 2011FED ¶14,417.052
CCH Reference – 2011FED ¶14,417.053
CCH Reference – 2011FED ¶14,417.50
Code Sec. 1016
CCH Reference – 2011FED ¶29,412.385
Tax Research Consultant
CCH Reference – TRC INDIV: 36,164
CCH Reference – TRC INDIV: 39,106.10
CCH Reference – TRC INDIV: 42,158
CCH Reference – TRC INDIV: 51,056.15
CCH Reference – TRC BUSEXP: 24,506.05
CCH Reference – TRC BUSEXP: 24,506.10
CCH Reference – TRC BUSEXP: 24,510
CCH Reference – TRC BUSEXP: 24,906.25
CCH Reference – TRC BUSEXP: 24,912.10
CCH Reference – TRC DEPR: 3,252.15
CCH Reference –
TRC FARM: 9,074