The IRS has updated the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel.

Effective July 1, 2011, the revised standard mileage rates are:

55.5 cents per mile for business use of an automobile

23.5 cents for use of an automobile as a medical or moving expense

The use of an automobile as a charitable contribution is fixed by statute and remains 14 cents

Let HBL be your Tucson CPA firm, call us with any questions you might have about this article or any other Tucson tax related question.

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