Friday, June 24, 2011

Business Mileage rates increase

Starting July 1, 2011 the new maximum allowable reimbursement rate for business travel has been increased from 51 cents per mile to 55.5 cents per mile. All businesses should take note and update their records to reflect this new mileage rate allowance.

Also note that the medical and moving mileage rate also increased from 19 cents per mile to 23.5 cents per mile. This change is also effective July 1, 2011.

Also see my previous post where I alluded to this possibility...Business Standard Mileage update for 2011 posted 5/25/2011.

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