December 5, 2010
IRS Releases 2011 Standard Mileage Rates
Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:
- 51 cents per mile for business miles driven [up from 50 cents last year]
- 19 cents per mile for medical or moving purposes [up from 16.5 cents]
- 14 cents per mile for charitable organizations [same as last year]
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Not related to Standard Mileage just another data query:
With all the heat on taxpayers with income greater than $250,000 my question: Isn't there an analysis at some previous yearend that FACTUALLY provides for the taxpayer components of such tax filers, e.g., employee compensation, Sub S, LLC, investment income and so forth? Related question: what does the $250,000 threshold refer to, i.e., Gross income, AGI, TI or some other category?
Posted by: Dick White | Dec 6, 2010 4:05:38 PM
Why is the deduction for business miles so much higher than for the others?
Posted by: Doug | Dec 6, 2010 4:46:43 PM
The deduction is higher for business because it generates business and income.
Posted by: PTL | Dec 6, 2010 10:06:39 PM
Isn't it amazing how the government has to give cost of living increases, step increases, increase department budgets just cause, but when the people paying taxes and running business have to deduct expenses the government barely moves them year over year.
Posted by: Mike Mainello | Dec 7, 2010 12:34:50 AM