Monday, December 12, 2011

2012 Mileage Rates Announced

The IRS has announced 2012 mileage rates. From the website:

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) 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
It is the taxpayers option to use standard mileage rates for auto/small truck usage. You can always deduct actual cost as long as you are willing to meet the stringent record keeping requirements. If you are using standard mileage rates, make sure you are keeping a log. For a sample log, e-mail me and I'd be glad to send you one.

From IR-2011-116, Dec. 9, 2011

No comments:

Post a Comment