The Internal Revenue Service announced the 2012 optional standard mileage rates for calculating the deductible costs of operating an automobile for business purposes. Starting January 1, 2012, the standard mileage rate for the business use of a car, van, pickup, or panel truck will be 55.5 cents per mile for miles driven. This rate is the same as the the rate that went into effect on July 1, 2011. Taxpayers can choose between the standard mileage rate or their actual costs to calculate their deduction for the business use of a vehicle.
December 12, 2011