Rates Increased?! That’s A Good Thing!!!

In Accounting & Finances, Business on July 1, 2011 by Sufen Wang Tagged: ,

There are many, many things that make us loathe driving around and exhausting our miles when we’re on the clock: other drivers, traffic, the cost of gas. The IRS have noticed that gas prices are killing our wallets and have decided to act. Beginning July 1 and lasting through the remainder of 2011, the optional standard mileage rates are being increased to 55.5 cents per mile for business miles driven. It is a slight increase in what drivers can be reimbursed for, but these things add up.  

Traditionally, the IRS only revises these rates once a year – during the fall and having them take effect for the following calendar year. They have wavered from this and have decided to help us out now, reacting to the increasing cost of fuel with these semi-annual new rates. Will it help? Somewhat. The changed rates count towards expenses for miles driven on business purposes as well as those for moving or medical expenses, which were also raised to 23.5 cents per mile.
The ever-present complaint is about the cost of gas. Well, the amount we can be reimbursed went up a little. Hooray! Now if they could just do something about that traffic.

On the Money,
Sufen Wang
Wang Solutions

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