The Internal Revenue Service (IRS) has issued 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 January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. Therefore, we do not anticipate any changes in the Medicare Part B travel allowance for 2012. The medical and moving rate has been reduced by 0.5 cents per mile.
You have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates.
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