Business Mileage rate increase
The good news: IRS increased the 2011 standard mileage rate from 51 cents a mile to 55.5 cents a mile. The bad news: It is only valid July 1 - Dec 31, 2011. What does that mean for all of you business owners out there? An additional fun calculation not only do you have to calculate your business miles, personal miles and commuting miles. Now you get to allocate which miles where driven January - June and then July - December. I guess I should not complain and just say a polite, thank-you Uncle Sam.