MILEAGE RATE CHANGES as of July 1, 2011.  The business mileage rate will increase to 55 cents per mile as of July 1^st.  It has been at 50 cents per mile for the first six months. 

This is just a reminder of the extreme importance of keeping mileage logs to document your business mileage.  This area is highly audited – in fact the only audits my clients have had in the past 3 years have included all auto and travel expenses.  You can keep detail records of 3 months of the year and use that percentage for the entire year OR one week per month.  Of course, you have to record the odometer reading Jan. 1^st of each year so you have to total miles for the year.