The IRS revealed Friday the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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
The rate for business miles is unchanged from a mid-year adjustment that was made in July, during which the rate was raised from 51 cents per mile to 55.5 cents per mile.
The medical and moving rate has been reduced by 0.5 cents per mile.
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