Beginning 1/1/2011, the standard mileage rates for using a vehicle will be 51 cents per mile for business purposes, 19 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes. A taxpayer using the business mileage rate treats 22 cents per mile as depreciation in 2011. However, a taxpayer cannot use the business mileage rate in certain situations (for example, when five or more vehicles are used simultaneously) or if the vehicle was previously depreciated using a method other than straight-line (such as MACRS, the Section 179 deduction, or bonus depreciation).
Meck CPA Austin
