IRS Announces 2012 Standard Mileage Rates

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

The Internal Revenue Service (IRS) has issued the 2012 optional standard mileage rates used to calculate the deductible costs for operating an automobile.

Beginning on January 1, 2012, business use of an automobile will remain at 55 ½ cents per miles, moving or medical use will change to 23 cents per mile, and services for a charitable organization is set at 14 cents per mile (set by a statute).

Taxpayers will have the option to use their actual costs if they maintain adequate records and can substantiate their expenses, rather than using the standard mileage rates.

Read the full article on theIRS website.