Tax Tip of the Day: IRS Releases Business Standard Mileage Rate for 2012

The business standard mileage rate, which many employers use to reimburse employees for business miles driven, is 55.5 cents-per-mile for 2012, the IRS has announced. This reflects no change from the second half of 2011.

Business Standard Mileage Rate: In June 2011, the IRS announced a mid-year increase in the business standard mileage rate. The business standard mileage rate increased from 51 cents-per-mile to 55.5 cents-per mile for the second half of 2011. For 2012, the business standard mileage rate will be 55.5 cents-per-mile, which reflects no change from the second half of 2011.

Other rates: For 2012, the standard mileage rate for medical and moving expenses will be 23 cents-per-mile, reflecting a 0.5 cents-per-mile reduction from 2011. The statutorily-determined rate for the charitable deduction remains unchanged at 14 cents-per-mile for 2012.

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Since 1999, Berrios & Associates, Inc. has been providing a distinctive mixture of leadership-knowledge, and customer service satisfying client needs in advisory, tax, and outsourcing. Serving a diverse client base from individuals and sole proprietors to private corporations with nationwide and international locations. In the domain of accounting firms, Berrios & Associates has engraved a distinctive business based on diverse solutions through the interpersonal relationship of corporate and personal tax, corporate back office support, and business growth advisory. The firm directs clients through their everyday operations to ensure they have the right business model in place to meet their business goals.