2012 OPTIONAL STANDARD MILEAGEBondBeebe
Last week, the Internal Revenue Service issued the 2012 optional standard mileage rates for taxpayers who choose to use this method in calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
The rate for business miles driven remains unchanged from the mid-year adjustment on July 1, 2011. The charitable mileage rate remains unchanged from 2011 as well, while the medical and moving mileage rate is reduced by 0.5 cents per mile.
Beginning on January 1, 2012, the standard mileage rates for the use of a car 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