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The Internal Revenue Service (IRS) will increase the national per-mile business driving rate to 55.5 cents-per-mile for the final six months of 2011. The rate increase will be effective July 1, 2011 through December 31, 2011. At which point, the IRS will review vehicle costs and determine the rate for 2012.
This is an increase of 4.5 cents from the currently established rate of 51 cents-per-mile that was in effect for the first six months of the year. The cents-per-mile standard is the amount the U.S. taxpayer can deduct for vehicle expenses on his or her 2011 tax return for business miles driven.
The decision to increase the national per-mile business driving rate reflects the recent fuel price fluctuations. Runzheimer International will work closely with the IRS to establish the rate for the time period beginning January 1, 2012. Runzheimer International has provided this annual service to the IRS since 1980.
The IRS also announced a new six-month rate for computing deductible medical or moving expenses of 23.5 cents-per-mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations remains at 14 cents-per-mile.
About Runzheimer International
Founded in 1933, Runzheimer International serves 60 percent of the Fortune 500 and numerous government agencies. The company is recognized for providing innovative solutions relating to Total Employee Mobility®. Runzheimer International is the global leader in workforce mobility programs including business vehicle, business travel, logistics, corporate aircraft, employee relocation and compensation, and virtual office.