Yesterday, the Internal Revenue Service announced an increase to mileage reimbursements beginning July 1, 2011. For business miles driven, the rate will increase from 51 cents per mile to 55.5 cents per mile. With the costs of fuel combined with those associated in maintenance of vehicles, the IRS made this special adjustment to help tax payers.
In addition to business miles, reimbursement for medical and moving mileage expenses were also increased from 19 cents per mile to 23.5 cents per mile. For more information, view the IRS update.