IRS Standard Mileage-Rate Deduction for 2011

The Internal Revenue Service (IRS) has set the standard business-mileage deduction at $.51 per mile for 2011. The rate is $.01 more than allowed during 2010, reflecting slightly higher transportation costs during the past year. The mileage calculation includes the cost of fuel along with other vehicle fixed and variable operating expenses, such as depreciation, insurance, tires, etc. Companies and individuals who use their automobiles (including vans, pickups and panel trucks) for business have the option of using the standard rate in lieu of keeping records of their actual expenses. For details, contact Stuart Gosswein at stuartg@sema.org.