IRS Increases Mileage Rate to 55.5 Cents per Mile

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In a move that many expected, the IRS announced today an increase in the mileage rate effective July 1st.  

This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.
 
The medical and moving rate will also increase to 23.5 cents.
 
The IRS normally updates mileage rates once a year in the fall for the next calendar year, but with recent increases in fuel prices decided to make this mid-year adjustment.
 
The announcement can be found at this link on the IRS website.

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