Just got this info from "my" tax-guy:
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NOW IT IS OFFICIAL!
Later this week you will read in the papers that the IRS will increase vehicle-use rates as of July 1.
The NEW rates will be 55.5¢ per mile for Business use, 23.5¢ per
mile for Moving or Medical use, and 14¢ (unchanged) for charitable use.
The first half of 2011, ‘OLD’ rates were 51.0¢ per mile for business use,
19.0¢ per mile for moving or medical use, and 14¢ for charitable use.
CAUTION: THE NEW RATES ARE NOT ‘RETROACTIVE’
*****************
NOW IT IS OFFICIAL!
Later this week you will read in the papers that the IRS will increase vehicle-use rates as of July 1.
The NEW rates will be 55.5¢ per mile for Business use, 23.5¢ per
mile for Moving or Medical use, and 14¢ (unchanged) for charitable use.
The first half of 2011, ‘OLD’ rates were 51.0¢ per mile for business use,
19.0¢ per mile for moving or medical use, and 14¢ for charitable use.
CAUTION: THE NEW RATES ARE NOT ‘RETROACTIVE’
- All business use during the first half of 2011 will be deductible at the “old” rates.
- Separately, all business-use miles after June 30, will be deductible at the “new” rates.