IRS Updates 2012 Business and Ministry Mileage Rates
The Internal Revenue Service has issued its 2012 optional standard mileage rates that can be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, the standard mileage rates for the use of a car, van, pickup or panel truck will be 55.5 cents per mile for business activities, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile in service of charitable organizations.
The rate for business miles is unchanged from the midyear adjustment that became effective July 1. The medical and moving rate has been reduced by 0.5 cents per mile.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, while the rate for medical and moving purposes is based on the variable costs determined by the same study.
2012 Standard Mileage Rates
Jan. 1- Dec 31
Education Expense (Job related only)
Job Seaching (same occupation)
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