There is some great news for those of you using your car for business purposes. The IRS just announced that the standard mileage rate will increase to 55.5 cents per mile beginning July 1, 2011 for the remainder of 2011. This represents a 5.5 cent increase per standard mile. That might help take a little sting out of those exorbitant gas prices.
It will be very important to keep a good mileage log with dates for tax time. The mileage will need to be shown for the first six months and then again for the second six months of the year.
If you need more information or help with other deductions for your small business, contact an InTaxAct CPA today for your free consult.