Tax News Archive:

Standard Mileage Rates for 2001

Faced with the rising costs of gasoline in this country, IRS has decided to act on it. For 2001, IRS has decided to up the standard mileage rate to 34.5 cents a mile for business use of the car.

While performing services for charitable causes, the rate remains at 14 cents a mile. Use of car for medical purposes is increased to 12 cents a mile in 2001 from 10 cents a mile in 2000.

Standard mileage rate for the use of your car for moving from one home to the other is 12 cents a mile in 2001.