Tax News â Mileage Rate Increase
- Friday, 01 July 2011 07:02
As gas prices continue to rise thereÂ is some good news. The IRS has increased the mileage rateÂ from 51 centsÂ to 55.5 cents per mile effective July 1, 2011.Â The IRS normally updates the mileage rates at the beginning of the year and it remains the same for theÂ entire year. This year there will be one rate (51 cents) effective for the first six months of the year and another rate (55.5 cents) effective for the last six months of the year.Â Every little bit helps.
But remember, it doesnât do any good if you donât keep up with your mileage.Â Â Keep those mileage logs!