The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. As a result the rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011 and will be 51 cent for the first six months of 2011.
Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.