For tax year 2011, the standard
mileage rates for the use of a car (including vans, pickups or panel
trucks) will be:
|
Purpose |
Rate Per Mile from
January 1 to June 30 |
Rate Per Mile from
July 1 to December 31 |
| Business |
$0.51 |
$0.555 |
|
Charitable |
$0.14 |
$0.14 |
|
Medical |
$0.19 |
$0.235 |
|
Moving |
$0.19 |
$0.235 |
NOTE:
If you
use the standard mileage rate, you may also be able to deduct parking fees, tolls,
interest, and state and local taxes (other than gasoline taxes). Employees
CANNOT deduct interest.
The
"business" standard mileage rate CANNOT be used if:
-
You
claimed actual expenses for the vehicle in a prior year,
-
You are
using FIVE or more vehicles at the same time, such as in fleet
operations,
-
You
claimed depreciation (including bonus depreciation also known as the
special depreciation allowance) on the vehicle, other than straight-line
depreciation such as MACRS (Modified Accelerated Cost Recovery
System) or ACRS, OR
-
You
claimed any Internal Revenue Code Section 179 deduction on the
vehicle.
|
