Is the IRS's standard mileage rate expected to increase for 2011? If so, by how much?

Question

Right now it is at .50 cents after having decreased from 2009's .55 cent rate. I assume (maybe incorrectly) that the economy will have improved somewhat and/or transportation costs bottomed out and will rise again for 2011. If this is true then I expect the standard mileage rate to increase for the 2011 year. But I can't seem to find any articles or other sources of info. that speculate about this or estimate what (if any) the increase will be. If anyone knows anything I would greatly appreciate it. 

Thanks!

? · Accepted Answer

I have looked on www.irs.gov recently and they only had current rate.  I would wait or call the IRS and ask someone, but you will have to be on hold for forever just for that one little question.

mrreliable3599 · Answer

The IRS will release the 2011 standard mileage rate in December.

A Hunch · Answer

I would be surprised too if the rate changes.  Gas prices have been stable for a period of time (normal fluctuation, not drastic fluctuation).

The later half of 2008 & 2009 had the higher price because gas was higher due to a major oil refinery fire.

tro · Answer

the rate was increased when gas prices went sky high, now that they have more or less returned to average prices again and the mileage rate adjusted accordingly, it is doubtful the mileage rate will increase again

? · Answer

the comprehensive employer value is 40 8.5 cents in line with mile for 2007. For 2008, it will advance to 50.5 cents in line with mile. For charity, medical, and shifting, the mileage value is severely decreased.

Sharon T · Answer

I doubt there will be a change unless gas prices rise much higher.  If so, IRS will announce it.

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Is the IRS's standard mileage rate expected to increase for 2011? If so, by how much?

6 Answers