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IRS Increases Mileage Rate to 55.5 Cents per Mile

July 1, 2011 - Financial Business Service Centers, Payments

Keywords: mileage, reimbursement, travel

The Internal Revenue Service has announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

See the full IRS article.

If you have questions, please contact your financial transaction or business service center representative, or e-mail dfa-disbursement-review@cornell.edu.

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