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Business Standard Mileage and Other Rates Increase for 2011

IRS has announced that the optional mileage allowance for owned or leased autos is 51 per mile for business travel after 2010. That’s 1 more than the 50 allowance for business mileage during 2010. Further, the 2011 rate for using a car to get medical care or in connection with a move that qualifies for the moving expense deduction is 19 per mile, 2.5 more per mile than the 16.5 for 2010. The mileage rate for driving an auto for charitable use during 2011 will remain unchanged at 14 per mile (a statutory rate that’s not adjusted for inflation).

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