IRS Mileage Rate for 2011 Announced

The IRS has announced that the standard mileage rate for transportation expenses for 2011 will be $0.51 per mile up from $0.505 in 2010.  This is for passenger cars and the like only, not semi-tractors.  Fifty one cents per mile wouldn’t get it done for tractors anyway. Many companies choose to follow the IRS guidelines for reimbursing employees for work miles and you’ll need to update your forms if your company is one of those.  If you’re self-employed, you’ll want to change the rate as well for your records.  Email me if you have any questions about this new rate. Mike