The Internal Revenue Service has increased the optional standard mileage rates for the final six months of 2011. The rate has increased to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Mileage Rate Changes
Rates 1/1 through 6/30/11
Rates 7/1 through 12/31/11
Click here for information on individual tax breaks.
The Federal Department of Labor has begun auditing local businesses to be sure they are in compliance with the labor laws regarding overtime and child labor. One of my clients, a local restaurant,...
There's a phishing e-mail going around involving Intuit/Quickbooks. Find out more here: http://security.intuit.com/alert.php?a=33
The IRS released standard mileage rates for use in 2012. Business use of an automobile remains at 55½ cents per mile. For medical or moving expenses, it is 23 cents per mile (a half-cent decrease...
Oregon Department of Revenue
Western Livestock Journal
354 SW Upper Terrace Drive Suite 102 Bend, OR 97702
Go To Contact Form