By Beginning January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) became:
- 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. The medical and moving rate has been reduced by 0.5 cents per mile.
The standard mileage rate are based on an annual study of the fixed and variable costs of operating an automobile.
Let us know if you have questions about which driving activities you should monitor as tax year 2012 begins.