WATERFORD, Wis., Dec. 3, 2010 /PRNewswire/ -- The Internal Revenue Service (IRS) has announced the national optional business mileage deduction rate of 51.0 cents for the U.S. taxpayer, effective January 1, 2011. To establish the rate, the IRS worked closely with Runzheimer International, the industry leader in employee mobility programs. Runzheimer International provides business vehicle, travel, virtual office and cost-of-living programs, services and benchmark data to businesses nationwide. The company has provided annual vehicle cost data to the IRS since 1980.
The 2011 rate of 51.0 cents has increased as compared to the current rate of 50.0 cents-per-mile, which went into effect January 1, 2010.
"Higher fuel prices are the primary reason for the increase in the national optional business deduction," said Ted Schuerman, senior project leader, Runzheimer International. "Other reasons for the change include depreciation, insurance and maintenance costs. The detailed information we collect annually shows where there are shifts in market conditions nationwide and enables the IRS and many other organizations to make more informed business decisions."
The 51.0 cents-per-mile is the amount that a U.S. taxpayer can deduct for vehicle expenses on a 2011 tax return for recorded business miles.
About Runzheimer International
Founded in 1933, Runzheimer International serves 60 percent of the Fortune 500 and numerous government agencies. Recognized for providing innovative solutions relating to total employee mobility, Runzheimer is the global leader in workforce mobility programs including business vehicle, logistics, business travel, corporate aircraft, employee relocation and compensation, and virtual office. For more information, please go to: www.runzheimer.com.
SOURCE Runzheimer International