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Wednesday, August 10, 2011

Increase in milage reimbursement starting July 1, 2011

Even though we're way into August already, and some of you are getting your kids ready for school, I thought I'd mention that starting July 1, 2011, the IRS reimbursement rate for business related mileage has increased. It is now 55.5 cents per mile (increase from 51cents per mile).
The rate for deductible medical and moving expenses has also increased from 19 cents per mile to 23.5 cents per mile.
Keep track of all your mileage, specially if your employer doesn't reimburse you the full amount. Medical, volunteering and moving related miles can add up as well. You just never know when a little bit is enough to decrease your tax liability! Better too much than not enough in this case.
E-mail or call if you have any questions, concerns, remarks!