What was mileage rate for 2011

For tax year , the rates were 50 cents, Rather than using the standard mileage rates, taxpayers may instead use their actual costs, if they maintain adequate records and can substantiate their expenses. Revenue Procedure prohibits a taxpayer from using the business standard mileage rate to compute the deductible expenses of five or more automobiles a taxpayer owns or leases and uses simultaneously.

The IRS has requested comments on this issue. Comments should be made by March 31, , and can be sent to Notice. Comments irscounsel. More from the JofA :. My wife is a stay-at-home mom. Are we doing OK? Federal appeals court temporarily blocks release to Jan.

Why the new tax law caused a 'perfect storm' for Roth IRA conversions. Program to kill Grand Canyon bison terminates 4 animals, raises concerns. Advanced Search Submit entry for keyword results. No results found. The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, The medical and moving rate has been reduced by 0.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.