2011 IRS Mileage Allowance - July 1 to December 31, 2011

2011 IRS MileageTax Deduction
(July 1 till of the end of December)

Beginning on July 1, 2011, the standard mileage rates for the use of a car
(also vans, pickups or panel trucks)
Until the end of 2011.

July 1 - December 31, 2011
mileage deduction allowance.

For the second half of this year 2011 the tax deduction rate is higher!
January 1 until June 30 mileage rates are only a bit higher as you can see after June 30 and until Deember 31 it changes again.
Read about the first half of 2011 changes.

You must keep mileage records for the IRS tax prep and differentiate between your business, personal, charity and moving miles.

You may take either a business vehicle tax deduction with receipts for all expenses or mileage deduction.

If you file yourself you can use any of the various tax preperation and tax filing software. TurboTax, Quickbooks and Quicken, H&R Block software and Intuit have been mentioned. There are others.

You may decide that you won't use an accountant. The Tax preperation and electronic filing software is so quite simple to use.

It would be a good idea to look into it just for the savings and closer control you would gain over your business practices and you might become aware of better ideas in running your business.
I use an easy method in that I do the preliminary work and have my accountant do slightly more difficult checking of details etc.

 You could use the percentage method. That means you have to save all receipts for parking fees, gas, registration, repairs etc.
If you had a a lot of financial misery due to costs of maintenance and overhead for a vehicle or vehicles repair wise, and/or had parking garage costs you might want to keep all records and possibly use the  percentage method.

   For medical and moving expense the IRS is allowing a $0.23.5 (twenty-three and a half cent) mileage deduction for the second 6 months of 2011 starting on July 1.
For those who have to travel a lot of miles for medical treatment on a regular basis. it might be a good idea to use the deduction.

The charity deduction @ $0.14 (for all of 2011) isn't much but it depends again on how many miles you are driving.

For those who are self-employed and just starting out in business for yourself you should think about this right away so that your records will be accurate.
The mileage deduction amounts change every year or half year so visit www.TaxMan123.com from time to time to keep up with the details.

Read about the first half of 2011 and the rate increase!
It starts January 31, 2011 and ends June 30, 2011

Good Luck!
lf you have the patience for more detailed tax information go to www.irs.gov


Copyright © Roger Chartier 2010, 2011

Notes: This is often referred to as the federal mileage rate., and answers questions about federal mileage reimbursement. Federal mileage allowance is the topic. Someone spelled it milage. You ask, what is the federal irs mileage rate standard or IRS mileage rate reimbursement? Read the above. You do have to keep an irs mileage log.