November 4, 2011

NEW mileage rates for 2011

How much can you deduct when you use a vehicle for business?

  • 55.5 cents per mile.  The previous deduction was 51 cents for every mile.  So more deduction but I wonder how the IRS came up with the 1/2 of a cent?
How much can you deduct when you use a vehicle for medical or moving expenses?
  • 23.5 cents per mile.  The previous deduction was 19 cents a mile.  
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