2012 mileage rates are out; biz rates unchanged
If you drive on the job (or advise those who do), the really important stuff hit the wire this week.
I'm talking about the IRS's 2012 standard mileage rates, of course. The rates are:
- 55.5 cents per mile for business miles driven;
- 23 cents per mile driven for medical or moving purposes; and
- 14 cents per mile driven in service to charitable organizations.
The business rate is the same as the mid-2011 adjustment that took effect on July 1. The rate for medical and moving miles actually fell by 0.5 cents per mile.
Kelly Phillips Erb (a.k.a. TaxGirl) offers up a terrific summary of the rates and the various options available to taxpayers in this Forbes article.
In the meantime, drive on!