1/3/2012 Quick: Standard Mileage Rates for 2012

Standard Mileage Rates Announced for 2012

The IRS has announced the optional standard mileage rates for 2012 for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective January 1, 2012, the standard mileage rates are as follows:

• Business use of auto: 55.5 cents per mile may be deducted if an auto is used for business purposes
• Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization
• Medical use of auto: 23 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)
• Moving expense deduction: 23 cents per mile may be deducted if an auto is used to effect a work-related move to a new home