The Internal Revenue Service announced an increase in the standard mileage rate used to calculate the deductible cost of operating a car for the second half of the year.
The rate will be 55.5 percent per mile for all business miles driven from July 1 through December 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first half of 2011.
The IRS said it made the change in recognition of recent gasoline price increases. Normally the IRS only updates the mileage rates once a year in the fall for the next calendar year.