You are here: DIME Home > Tax > 2011 Standard Mileage Rates


2011 Standard Mileage Rates

2011 Standard Mileage rates used to calculate the deductible cost of operating an automobile for business, charitable, medical or moving purposes has been announced by the IRS.

Author: Sandi Lattin
Date: Dec 7, 2010 - 10:34:14 AM


Printer FriendlyPrinter friendly page

2011 Standard Mileage rates used to calculate the deductible cost of operating an automobile for business, charitable, medical or moving purposes has been announced by the IRS.

Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 51 cents per mile for business miles driven

  • 19 cents per mile driven for medical or moving purposes

  • 14 cents per mile driven in service of charitable organizations

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Here are a few things the IRS wants you to know about record keeping:

Keeping well-organized records also ensures you can answer questions if you return is selected for examination or prepare a response if you receive an IRS notice. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on you federal tax return.

Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years:

  • Bills

  • Credit card and other receipts

  • Invoices

  • Mileage logs

  • Canceled, imaged or substitute checks or any other proof of payment

  • Any other records to support deductions or credits you claim on your return

You should normally keep records to property until at least three years after you sell or otherwise dispose of the property. Examples include:

  • A home purchase or improvement

  • Stocks and other investments

  • Individual Retirement Arrangement transactions

  • Rental property records

If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep include:

  • Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC

  • Proof of purchases: Can celled checks, cash register tape receipts, credit card sales slips and invoices

  • Expense documents: Can celled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments

  • Documents to verify your assets: Purchase and sales invoices, real estate closing statements and canceled checks


Sandi Lattin
Online Tax Pros
Russellville, Arkansas
http://onlinetaxpros.com



View all articles by Sandi Lattin

Link to this article:

Code to copy: <a href="http://www.dime-co.com/tax/2011-Standard-Mileage-Rates.shtml">2011 Standard Mileage Rates</a>




Related Articles...

Obtaining Pension Tax Relief

Mar 26, 2011 - 11:50:52 AM

... [Read the full story]

Using the income tax refund calculator

Mar 7, 2011 - 9:52:17 AM

... [Read the full story]

Self-Employed Individuals

Jan 31, 2011 - 9:16:13 AM

Who is Self-Employed?... [Read the full story]

Car Donation Tax Deduction Tips

Jan 29, 2011 - 11:56:45 AM

You can apply for a car donation tax deduction in every state. But each state has varying methods of validating legitimate charities; some states require licensing and others don't. It is also important to know that each state has its share of vehicle donation scams running. Some may appear legit but are actually crooked. Therefore you should do some detective work first. Good thing there is a site setup to make this a quick process.... [Read the full story]


Newest Articles in Popular Topics:

Business & Marketing Computers & the Internet Entertainment Health & Fitness
Finding Ways To Save Money And Maximize Revenue In Business
Cooper's Golf Park Tees Off Their New Website
Fiinovation Adjudged CSR Team of the Year & Caring Company at World CSR Day
Reasons Why Kale Realty is the Best Real Estate Firm in All of Chicago
Montreal Tech Startup Kangaroo Rewards Launches Mobile Loyalty Program for Local Merchants
It is time we break out of the SEO Shelter
3 Strong Reasons You Should Start Your Own Blog
Evolve Your Career With CompTIA A+ Certification Exam
High speed VMware Backups - Powered by UltraBlaze(™) from Vembu
Things to Consider When Selecting a Domain Name for Your Website
Fling Boom "Launches" This Holiday Season
Beautiful Abstract Canvas Art is Up for Grabs
Buying Art as a Gift: Tips From an Expert
Complete Guide to the 2014 Gatlinburg Fine Arts Festival Released by Jackson Mountain Homes
Learn Blues Music Online-Alternative to Traditional Piano Lessons
Causes and Treatment of Acne
What Type Of Constipation Home Remedies Are There?
Manual Wheelchairs: Buying One
Instant Facelift with Dental Implants
Lasik Surgery Leading Correction Of Vision Issues

Home & Family

Shopping

Sports

Travel
Enhance Your Learning Experience Through Best Responsive Elearning Development Tools
Best Apps for Learning German
Esvees is Cranbourne's Elite Hair Dressing Company
Ozone Generator
Practical Tips When Choosing Gates and Gate Openers for Your Home or Business
Why Cases are Required for Mobile Phones?
Are Dealership Services Worth It?
2015 Jeep Grand Cherokee Named Must-Shop SUV for Towing from AutoTrader.com
Online Selling With An Appraisal Advantage
Macsome AudioBook Converter released New Version V2.0.4
Aditi Ashok signs off with a double
Softball Coaching: Avoid Becoming A Nattering Nabob of Negativity
Softball Coaching Tips - The Funnel Approach
Pick Up Specialized Advice on Jumping Exercises Which Are Highly Effective
Vertical Jump Training Tactics to Increase Your Athletic Performance
Tips for Choosing the Right Paris Short Lets
Hostels - the best choice for working womens and college students
Perfect holiday? Book a cruise and sail in Croatia!
Say Aloha to Your Best Vacation Ever with Kohala Coast Properties
The Perfect Guide for a Fantastic Family Trip to Kansas City

 



Follow & Share Your Favorite Video Articles

Tell a Friend About This Site



Chamber of Commerce - on the Web logo



Subscribe to the eMarket SmartsTM Newsletter in order to keep up to date with what's happening with dime-co.com, get the emails on new video articles, featured articles, and more. Your privacy is always protected. We never rent, sell or trade your private information

:
:

Service provided by GetResponse Autoresponders


Recommended Associates


Latest Articles in All Categories


Putting Up a Small Commercial Printing Business
So You Might Be Unemployed And Desire To Become A San Francisco Real Estate Investor Now
Meditation and Mindfulness: Dealing With Emotion
CPA Websites: Five Essential Ideas for Composing Convincing Articles
Set Goals In Order to Come Up With Your Action Plan
Is the Air in Your Home Safe to Breathe?
Coarse Fishing Tackle Review: The JW Young 13ft Trotter Rod
Section 1031 Exchanges For San Diego Real Estate Investors
Phoenix Real Estate Investing For Highest Possible Earnings
Legendary are the Volk Racing TE37 Wheels
Developing the Next Generation Wall Station (ChaseDesk™) for Healthcare - A Case Study
What are step down transformers?
Introducing Sharehype, the Revolutionary Tool for Online Marketers
Rewards To Shopping For Austin Real Estate On The Web
Hydroponics for Beginners



Do you write?

Would you like submit your articles and have them approved on a priority status? Find out more about how you can become a Priority author for pennies a day! Click here.

Dime-co.com Home
  • Business (9328)
  • Computers & The Internet (5740)
  • Entertainment (1348)
  • Family (958)
  • Finance (1963)
  • Health (4246)
  • Home and Living (6670)
  • Marketing (6113)
  • Shopping & Product Reviews (2624)
  • Sports (694)
  • Travel and Vacations (1689)
  • Video Articles (1)
  • Editors Pick (1)