IRS revises Standard Mileage Rate

06/23/11 – The IRS today announced a revision to the deductible standard mileage rate allowed for business and medical or moving purposes, to take effect on July 1, 2011.  The new rate for business is 55.5 cents per mile and for medical or moving is 23.5 cents per mile.  The old rates were 51 cents and 19 cents respectively.  There is no change to the rate for charitable miles.

What does this mean for my clients?  They will receive a personal notification from me and a reminder to jot down their odometer readings next week for accurate reporting. If you are a professional tax preparer, you might want to do the same; if you are not working with a pro (and why not?), jot your information down so if you self-prepare, you can get it right!