Good news! The Internal Revenue Service (our beloved IRS) announced today that effective July 1, 2011, the optional business mileage rate will increase from 51 cents per mile to 55.5 cents. The medical or moving expense rate increases from 19 cents to 23.5 cents. The charitable rate remains the same at 14 cents.
This will be in effect through December 31, 2011.
With the rising cost of gasoline our government is taking action! Seems funny now that the price is starting to slip down but we still need this. Where were they a few months ago? Heck, any financial help is good right now so no complaining about the IRS.