ElectroFile Income Tax Service   Income Tax Service   Terry Hough, President
Terry Hough

July 6, 2011 Newsletter

Increase in mileage rates and Hybrids/Plug-In Electric Vehicle Credits

Mileage Rates

The IRS has increased the business and medical/moving mileage rates for the last half of 2011.

The mileage rates for 2011 are now:
Activity Jan 1 - June 30, 2011 July 1 - Dec 31, 2011
Business 51 cents 55.5 cents
Medical/Moving 19 cents 23.5 cents
Charitable/Medical 14 cents 14 cents

Learn more about the IRS Mileage Rate Increase.

Hybrids/Plugin-In Electric Vehicle Credits

As a reminder, Hybrids that have both an electric engine and a gasoline engine are no longer eligible for the Alternative Motor Vehicle Credit for Tax Year 2011. Plug-In Electric Vehicles are still eligible for a credit if a qualified electric drive motor vehicle is purchased by December 31, 2011. The credit is claimed on Form 8936 (Qualified Plug-In Electric Drive Motor Vehicle Credit).

For a listing of which vehicles are eligible for this credit click here.

The Department of Energy gives a good overview of the two types of electric vehicles that qualify as well as how the credit itself is claimed:

Plug-In Electric Hybrids
Electric Vehicles

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