2011 Mileage Rate Changes
Beginning July 1, 2011 the deductible rate for the use of a vehicle for business or medical purposes has changed. The deductible or reimbursable mileage rate for the use of a vehicle for business or moving purposes has increased to 55.5 cents per mile from the original amount of 51 cents per mile. The mileage rate for the use of a vehicle for medical transportation purposes has also increased to 23.5 cents per mile from the initial rate of 22 cents per mile.
As expected, these reimbursable or deductible rate increase stem from the overall increase in fuel prices we have all been experiencing at the pump for a majority of 2011. These increases apply to all business use of personal vehicles, including the reimbursement of employees use of their personal vehicle for business purposes. Make sure to note these change in the mileage log you use to track your business use of your vehicle to take advantage of these rate increases.
If you need assistance or have any additional questions on this rate increase contact me and I will be please to discuss your questions.
