Facts and Figures

Pumped-up Deduction—The standard mileage rate for qualified business drivers was set at 51 cents per business mile (plus tolls and parking fees) for 2011. Now the IRS has announced that the rate is jumping to 55.5 cents per mile for the second half of the year. For the same six-month period, the standard mileage rate for medical and moving expenses increases from 19 cents per mile to 23.5 cents per mile.