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Archive for December 9th, 2011

2012 IRS Mileage Rates

Posted by taxguru on December 9, 2011

IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 55.5 cents per mile for business miles driven
  • 23 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

 

Posted in Deductions, IRS, Vehicles | Comments Off on 2012 IRS Mileage Rates