Updated standard mileage rates from the IRS

The IRS has increased the optional standard mileage rate to 55.5 cents per mile in light of recent gas price increases.  This new rate will apply for miles driven between July 1, 2011 and December 31, 2011.  The IRS rate table is below. 

The IRS announcement with the new rates can be found at IR-2011-69

Purpose Rates 1/1 through 6/30/11    Rates 7/1 through 12/31/11  Business 51 55.5 Medical/Moving     19 23.5 Charitable 14 14