2012 Standard Mileage Rates Released
2012 federal standard mileage rates were recently announced in IR News Release 2011-116. The business standard mileage rate will remain unchanged at 55.5 cents per mile. Medical mileage will decrease to 23 cents per mile and the charitable mileage rate remains at 14 cents per mile.
Remember, in most cases standard mileage is not required and taxpayers can instead choose to deduct the actual cost of operating their vehicle. As always, adequate documentation is required to support the business use of your vehicle.
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