Q. Is there a new mileage rate for 2011?
A. I published this earlier but just in case you missed it, the standard mileage rates went up. The optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 51¢ per each business mile traveled after 2010. That's 1¢ more than the 50¢ allowance for business mileage during 2010. Further, the 2011 rate for using a car to get medical care or in connection with a move that qualifies for the moving expense deduction is 19¢ per mile, 2.5¢ more per mile than the 16.5¢ for 2010.
Projection -- with gas rates going up so quickly I would not be surprised to see the IRS issue higer rates mid year. I will keep you posted.
