Alert! Alert! As you already know, Realtors spend a lot of time on the road. With all the mileage we rack up, it should be interesting to note that the IRS recently announced an increase in the optional standard mileage rates for the final six months of 2011, in recognition of the recent gas price increase. Taxpayers may use optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all business miles driven from July 1st through December 31st – an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.
And thank you for making me Your Orange County Real Estate Connection.
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GREEN GRI
Past President, Orange County Association of Realtors (949) 753-7900