New IRS Mileage Rates

The IRS has increased the vehicle mileage rate from 51 cents per mile for the period of Jan 1- June 30, 2011 to 55.5 cents per mile for the period of July 1 –Dec 31, 2011. Remember that to take a vehicle deduction, you are required to have a written mileage log. You can reference IRS notice IR-2011-69 for more details. You also may be able to write off mileage traveled to visit your financial advisor (see article on deductible investment expenses).