Mileage rate change July 1st, 2011

The new rate for a mileage deduction effective July 1 is .555.  The rate that should be used for mileage for 2011, Jan-June is .50.  Keep in mind it doesn't matter when you pay or take the deduction, the rate applies to the time period covered.

Don't overlook this great deduction.  Make sure you have an odometer reading from Jan 1 and track your business mileage for the year.

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