While the IRS normally updates mileage rates once at the beginning of a year, rising gas prices have had enough of an impact for them to reconsider. Starting July 1st and lasting until the end of the 2011 year on December 31st, any use of a vehicle for business will allow you a deductible of $0.555 per mile driven.
All new Expensify accounts created after the mileage rate change takes effect will already be updated with the new rate. For everyone with an existing account we ask you to please update your rate by going to the Settings -> Preferences page and clicking [change] next to your miles unit.
The reason we don’t update all past accounts automatically is because we’ve found that a great many of you are using a rate set by your company or a source other than the IRS.
Read more about what prompted the mileage rate change on the IRS press release.