Earlier today the IRS released the optional standard mileage rates for 2012. The rate remains at 55.5 cents per mile for business, and the charitable rate remains at 14 cents per mile (set by statute, not by the IRS).
The only rate that changed was the one for medical travel and it went down to 23 cents per mile.
The business rate went to 55.5 cents back on July 1, 2011 and was in effect for the last six months of 2011. As noted previously, you will need to break up your travel amounts between the first six months & the last six months of 2011.
Mileage reimbursement can be a great deduction for self-employed individuals and others who use automobiles (or pickups, vans or panel trucks) for business – be sure to get all the deductions you are entitled to!
If you have any questions, please don’t hesitate to contact me.
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