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The new standard rate for business miles starting January 1, 2011 will be 51 cents per mile, up from 50 cents in 2010. The new rate for medical and moving expense is 19 cents, up from 16.5 cents. And the charitable mileage rate stays the same at 14 cents.
This rate is the maximum that can be deducted on your tax returns. Please keep in mind that mileage reimbursement must be substantiated with a log or other form of documentation. If you have questions about this or any other tax matters, please do not hesitate to call our office. |
