The IRS announced that due to higher gasoline prices, the standard mileage rates have been increased starting July 1, 2011, by 4.5¢. The last time the IRS increased the rate midyear was 2008.
Caution: The rate for charitable driving remains at 14 cents per mile. This is a rate fixed by statute and not by the IRS.
Source: IR-2011-69, June 23, 2011
A retirement plan that pays benefits based on contributions to individual accounts, plus accumulated earnings. Contributions are generally based on a percentage of salary or earned income.