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July 7, 2011

IRS Increases Mileage Rate for Medical Expense Reimbursement

Due to the increased cost of gasoline, the IRS revised the optional standard mileage rates for purposes of computing the deductible costs of operating an automobile for medical expense reimbursements, as well as for business and moving expense purposes. Below are the reimbursement rates for the first and second six-month periods in 2011.

 

Rates 1/1 through 6/30/11

Rates 7/1 through 12/31/11

Medical/Moving

19¢ per mile

23.5¢ per mile

Business

51¢ per mile

55.5¢ per mile

 

The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.

As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

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