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IRS Announces 2012 Mileage Rates

The IRS kicked off the issuance of notices for 2012 with Notice 2012-1 which announced various auto mileage rates for 2012.

The standard mileage rate for transportation or travel expenses will remain at 55.5 on January 1, 2012, the rate which the IRS set for the last half of 2011.

The notice also provides other rates for 2012, including a 14 cents per mile rate for use for a charity and a 23 cent per mile rate that will be invoked for use of an automobile for medical care transportation or for moving expenses.

The portion of the business mileage rate treated as depreciation to reduce the basis of the vehicle is listed as follows:

 

Year

Rate in Cents per Mile

2008

21

2009

21

2010

23

2011

22

2012

23

 

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