IRS Keeps Business Mileage Rate Unchanged for 2012

On December 12, 2011, the Internal Revenue Service announced that the standard mileage rates for business will remain unchanged from the mid-year adjustment for 2012.

For the year 2012, the optional standard mileage rate will stay 55.5 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes.

The rate for computing the deductible medical or moving costs have also reduced to 23 cents per mile, however the rate for providing services for charitable organizations has remained unchanged at 14 cents per mile. For further information you can review the IRS announcement here.