Good news for all you business travelers; the mileage reimbursement fee for 2011 will go up, according to the IRS. For business travel, the rate will increase 1 cent to 51 cents per mile.
Mileage incurred for moving expenses will go up 2.5 cents to 19 cents per mile driven – good news for anyone relocating in 2011.
The IRS bases the standard mileage rate for business on an annual study of the fixed and variable costs of operating an automobile.
You can find more information about this on the AccountingWeb website.