The IRS has issued the new 2012 optional standard mileage rates used to calculate the deductible operating costs of an automobile used for business purposes. The new rates are as follows:
Beginning on Jan. 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
For more information, see the IRS announcement at http://www.irs.gov/newsroom/article/0,,id=250882,00.html
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Should you have any questions regarding the above-mentioned issues or other tax-related matters, please contact us today.