The IRS announced today that the standard rate for mileage deductions increases to 55.5 cents per mile on July 1. This is an increase from the current rate of 51 cents. The rate for moving expenses and medical mileage increase to 23.5 cents (up from 19 cents). The rate for charitable mileage remains at 14 cents (this rate is set by statute rather than by the IRS).
The IRS normally only adjusts the mileage rates at the start of each calendar year, but Commissioner Doug Shulman says the IRS decided to have a mid-year increase because of the increased cost of gas.
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