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IRS posts mileage rates for 2012

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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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