The IRS has revised the optional standard mileage rates for operating an automobile for business, medical or moving expenses, resulting from the recent increases in gas prices.

Effective July 1, 2011, the new rates will increase by 4.5 cents to 55.5 cents per mile for business expenses, and 23.5 cents for automobile use related to medical or moving purposes. Charitable contribution related mileage remains fixed at 14 cents.

Click here to read Announcement 2011-40.