400 Meridian Street, Suite 201
Huntsville, AL 35801
256-539-8002
 |
 |
 |
 |
 |
 |
 |
 |
 |
Standard Mileage Rates for 2012
Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Standard mileage for business use of an automobile remains at 55½ cents per mile, consistent with that rate in place in the latter half of 2011. For medical or moving expenses, the rate is 23 cents per mile, a half-cent decrease from the second half of 2011. The standard mileage rate allowed for services to charitable organizations is 14 cents per mile.
Alternatively, rather than using the standard mileage rates, taxpayers may instead use their actual costs if they maintain adequate records and can substantiate their expenses. The rules for substantiating these amounts appear in Rev. Proc. 2010-51.
For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 23 cents per mile for 2012, increased from 22 cents per mile allowed in 2011.
Unfortunately, it is impossible to give comprehensive tax and accounting advice over the internet, no matter how well researched or written. Before relying on any information provided here, contact a tax or accounting professional to discuss your particular situation.
