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IRS Announces 2012 Tax Deduction Rates

OK, they’ve finally posted the new rates! Very little change from the mid-2011 rates. Here’s an excerpt from the official IRS.gov website:

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
  • 55.5 cents per mile for business miles driven
  • 23 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

For the full statement, see the irs.gov website –> http://www.irs.gov/newsroom/article/0,,id=250882,00.html

Happy driving!

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