Wednesday, May 25, 2011

Business Standard Mileage update for 2011

During 2011 the standard mileage rate for business reimbursement has been increased to 51 cents per mile.

This is an increase of one cent per mile from 2010, when the mileage rate was 50 cents per mile.

It is important to note that gas prices have increased significantly since the beginning of the year, so this may be a year where the IRS splits the mileage rate to reflect the increase cost of gas at the pump.

The last time this happened was 2008. Stay tuned, if gas prices stay at this rate or increase, it would not surprise anyone, if there is a rate adjustment at mid-year.

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