Revised Standard Mileage Rates for 2012
Recently, the Internal Revenue Service (IRS) released the standard mileage rates for use in 2012. Taxpayers can use these rates to calculate the deductible costs of operating an automobile. Currently, the rate for business use of an automobile is 55.5 cents per mile. For medical or moving expenses, the rate is 23 cents per mile, and for services to charitable organization it is 14 cents per mile. Taxpayers may choose to not use the standard mileage rates and instead claim actual costs. However, to do so they must be able to substantiate their expenses by maintaining adequate records. For more information, please visit the American Institute of CPAs.