Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

IRS announces increase in standard mileage rate for business

If you deduct vehicle mileage on your tax return(s), you’ll be happy to know that the IRS has increased the standard mileage rate for business, medical, and moving expenses. The new rate is increased 4.5 cents per mile and it goes into effect for miles driven starting July 1, 2011 through December 31, 2011.

I encourage you to update your mileage log/calendar as of June 30, 2011 and record your odometer reading(s) on those vehicles. It would also be helpful to attach an oil change or other maintenance receipt from a third party to back up any mileage reading as of June 30th.

Did you receive notice of this increase in standard mileage rate for business from your current accountant? Does your C.P.A provide you with a free eBook library where you can learn about:

If you’re not getting this important information in a timely fashion from your accountant, perhaps it’s time to get yourself a new Naples C.P.A? Live closer to Fort Myers? I have offices in Naples and Fort Myers to accommodate you when you’re ready to make an appointment. In Naples, call (239) 384-9688 or (239) 768-5008 in Fort Myers or you can simply Contact me online. I look forward to hearing from you.

-Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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