IRS Releases 2011 Mileage Rates

The IRS released the mileage allowance rates for business travel.

For 2011, the rate for using a vehicle in connection with business, the rate is $.51 per mile, an increase of $.01 from 2010 rates. The mileage deduction is meant to replace the following expenses: lease payments or depreciation, maintenance, repairs, tires, gas, oil, insurance, license and registration fees. You may still claim separate deductions for parking fees and tolls.

There are instances where you may not use the standard mileage rate. Please contact a tax professional for more details.

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