Travel costs are often overlooked. As we approach the end of the calendar year, FEATChicago (FE Accounting & Tax Services) advises you to pay closer attention and track every 2011 trip you made on behalf of your business whether for medical or moving reasons or as a volunteer for charitable organizations.
In recognition of recent gasoline price increases, the IRS made special adjustments to the optional standard mileage rate for the final six months of 2011.
Whether you chose to use the actual gas cost or the standard mileage rate to compute your deductible travel costs, the supporting documents is a must:
Calculating Your Mileage Rate
| Purpose | Rate 1/1/11-6/30/11 | Rate 7/1/11-12/31/11 |
| Business | 51% | 55.5% |
| Medical/Moving | 19% | 23.5% |
| Charitable | 14% | 14% |