The IRS has released the 2011 standard mileage rates for business use of an automobile. Taxpayers driving a car, van, pickup or panel truck can use these rates to determine the deductible costs of that vehicle’s operation.
- 51 cents per mile for business miles driven
- 19 cents per mile as part of moving expenses
- 16.5 cents for medical purposes
- 14 cents per mile driven in service of charitable organizations
Both the business and moving rates are up relative to last year from 50 and 16.5 cents, respectively. The rates for medical and charitable purposes are unchanged from 2010.
Taxpayers can use the actual cost of using the vehicle rather than the standard mileage rate however, once actual costs are used, use of the standard mileage rate is not permitted. The standard mileage rate is also not applicable to any vehicle for hire or .
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