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Standard Mileage Rates for 2012 Released - Emil Estafanous, CPA : Emil Estafanous, CPA

Standard Mileage Rates for 2012 Released

The IRS on Dec 9 expelled customary mileage rates for use in 2012 (Notice 2012-1).  Taxpayers can use a discretionary customary mileage rates to calculate a deductible costs of handling an automobile.

For business use of an vehicle stays during 55½ cents per mile. For medical or relocating expenses, it is 23 cents per mile (a half-cent diminution from a second half of 2011). For services to free organizations, a rate (which is set by statute) is 14 cents per mile.

Rather than regulating a customary mileage rates, taxpayers might instead use their tangible costs if they say adequate annals and can justify their expenses. The manners for substantiating these amounts seem in Rev. Proc. 2010-51.

For automobiles a taxpayer uses for business purposes, a apportionment of a business customary mileage rate treated as debasement is 23 cents per mile for 2012 (it was 22 cents per mile for 2011).

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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