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Thursday, June 23, 2011

IRS Increases Auto Mileage Reimbursement Rate to 55.5¢

The Internal Revenue Service has published a midyear hike in the standard mileage rate employers can use to reimburse employees who drive their owned or leased automobiles for business purposes. Effective July 1, 2011, the standard mileage reimbursement rate jumps to 55.5 cents per mile, up from 51 cents per mile for the first half of 2011 and 50 cents per mile for 2010. By using the standard rate, employers can eliminate the need for employees to record actual mileage expenses.