IRS raises mileage rates effective July 1, 2011

The IRS announced an increase in the standard mileage rates for computing the deductible costs of operating a car for business or for medical or moving purposes. The new rates will apply to driving from July 1, 2011, through December 31, 2011. The revised rates are 55.5 cents per mile for business driving and 23.5 cents for medical and moving driving. The rate for charitable driving is fixed by law and remains at 14 cents per mile.