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IRS Announces Increase in Standard Mileage Rates

In response to recent gasoline price increases, on June 23 the IRS announced an increase in the standard mileage rate beginning July 1, 2011.  The standard mileage rate is used by the federal government and many businesses to reimburse their employees for mileage rather than tracking actual costs.  The business mileage rate for the last six months of 2011 has increased by 4.5 cents to 55.5 cents per mile.

Schedule of Standard Mileage Rates 

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