The IRS has announced the optional standard mileage rates for 2012 for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective January 1, 2012, the standard mileage rates are as follows:
- Business use of auto: 55.5 cents per mile may be deducted if an auto is used for business purposes
- Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization
- Medical use of auto: 23 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)
- Moving expense deduction: 23 cents per mile may be deducted if an auto is used to effect a work-related move to a new home
IR-2011-116 contains additional details.
