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IRS posts mileage rates for 2012

by on
in Small Business Tax,Small Business Tax Deduction Strategies

The IRS has announced that the standard mileage rate used by business drivers will remain at 55.5 cents a mile in 2012, the same as it was for the last six months of 2011. (IRS Notice 2012-1)

Also, the standard rate for charitable-related driving stays at 14 cents a mile. But the rate for trips for medical purposes and job-related moving drops to 23 cents a mile, down from 23.5 cents a mile.

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