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New standard mileage rate

The IRS has raised the standard mileage rate to $0.555 beginning July 1, 2011. It will be essential to have accurate mileage records at tax time so that your tax return preparer will be able to accurately apply the $0.51 for miles driven from January 1 to June 30 and the new rate for miles driven from July 1 to December 31.

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