IRS is increasing standard mileage rates beginning July 1

Due to the increase in gas prices in recent weeks, the  IRS announced a change in the standard mileage rates for business, medical and moving purposes effective July 1- December 31, 2011. Taxpayers will need to be very careful to differentiate between mileage from January to June and July to December.

The new rates effective July 1 are:

Business travel: 55.5  cents per mile

Medical (use of your personal vehicle for medical purposes): 23.5 cents per mile

Moving (when relocating more than 50 miles for new job or change in job location): 23.5 cents per mile

Unfortunately, no change in charitable travel: still $0.14/mile

For more info, here is the IRS link:

http://www.irs.gov/newsroom/article/0,,id=240903,00.html?portlet=6

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