IRS Announces 2012 Standard Mileage Rates

The Internal Revenue Service announced the standard mileage rates for taxpayers to use in computing cost deductions for business, charitable, medical, or moving expense purposes in a Dec. 9 notice (IR-2011-116).

The rate for business miles driven is unchanged from the midyear adjustment that became effective July 1, while the rate for medical and moving expenses has been reduced by 0.5 cents per mile, IRS said.

Beginning Jan. 1, 2012, the standard mileage rates for the use of cars, vans, pickups, or panel trucks will be 55.5 cents per mile for business miles driven; 23 cents per mile ...