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C&L Value Advisors LLC, Announces
Mileage Rate Increase effective July 1, 2011
IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase 4.5 cents from 51 cents to 55.5 cents per mile for business travel from July 1, 2011 to December 31, 2011 to better reflect the real cost of operating an auto in this period of rapidly rising gas prices.
This rate can also be used by employers to reimburse tax-free under an accountable plan to employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles. The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense will also increase 4.5 cents for the last half of 2011 from 19 cents to 23.5 cents per mile.
Record Keeping: Everyone who uses the mileage allowance will need to record their vehicle mileage as of July 1, 2011 and again on December 31, 2011. May we suggest emailing your July 1st odometer reading to your Client Service Manager and we'll keep it for your records.
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