1-19-11 New 2011 Standard Mileage Rates |
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New 2011 Standard Mileage Rates
Beginning January 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
· 51 cents per mile for business miles driven
· 19 cents per mile for medical or moving purposes
· 14 cents per mile in service of charitable organizations
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Although this may not always provide the largest deduction, especially when the vehicle is kept for a number of years and / or has quite a few business miles driven each year.
Please let us know if you have any questions about this.
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