12/14/2011

Part B Travel Allowance Unchanged for 2012

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:

  • 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 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.

Click here for more information.

 

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