The Internal Revenue Service (IRS) recently announced an increase in the optional standard mileage rate from 51 cents to 55.5 cents per mile for all business miles driven from July 1, 2011 through December 31, 2011. This is highest IRS standard rate since the latter part of 2008. www.irs.gov. Although the IRS typically updates its […]
IRS Increases Acceptable Mileage Rate Deduction Effective January 1, 2011, the IRS increased the accepted mileage deduction for business use of a motor vehicle from 50 cents to 51 cents per mile. Employers may deduct as a business expense the full amount of any reimbursement equal to or less than this IRS rate. However, the […]