2012 Standard Mileage Rates
Beginning on January 1, 2012, the standard mileage rates for the use of a car (also van, pickups or panel trucks) will be:
55.5 center per mile for business miles driven
23 center 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.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
If you have any question regarding the mileage rates, which option of calculating you have used in the past or which you should use at this time, please do call our offices to discuss your options.
IRS Newswire IR-2011-116 12/09/11