Business Standard Mileage Rate Increases for Last Half of 2011
has announced that the optional mileage allowance for owned or leased
autos (including vans, pickups or panel trucks) will increase 4.5¢
from 51¢ to 55.5¢ per mile for business travel from July 1, 2011 to
Dec. 31, 2011 to better reflect the real cost of operating an auto in
this period of rapidly rising gas prices. This rate can also be used by
employers to reimburse tax-free under an accountable plan employees who
supply their own autos for business use, and to value personal use of
certain low-cost employer-provided vehicles. The rate for using a car
to get medical care or in connection with a move that qualifies for the
moving expense will also increase 4.5¢ for the last half of 2011 from
19¢ to 23.5¢ per mile.
For More Information...
information on this topic or tax or tax-planning questions you may
have, please contact your tax advisor at the Smith Schafer office
nearest you at one of the phone numbers listed below.
To access the Smith, Schafer and Associates, Ltd. website
click on the Tax Alert banner at the top of the newsletter or click on
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