December 20, 2011

Standard Mileage Rates for 2012

The IRS has posted its standard mileage rates for 2012:

  • Business - 55.5 cents per mile
  • Medical/moving - 23 cents per mile
  • Charitable deduction mileage - remains at 14 cents per mile (set by statute, not IRS)

Remember, this blog posted on the 2011 mileage rates earlier this year.  Taxpayers must keep separate records for mileage in the first 1/2 of the year (to June 30th) and the last 1/2 of the year (7/1 to 12/31).  2011 has two different rates.  You will find more information here.